SASCO’s net profits down 8.6% in Q1 – ZAWYA

SASCO’s net profits down 8.6% in Q1 – ZAWYA

The decrease in net profits is attributed to the inclusion of other revenues represented in the compensation obtained by the company for the Hafar Al-Batin land case in Q1-19.. The increase in financing costs, general, and administrative expenses and a decrease in investment income have pushed the company's net profits lower.. The company's revenues jumped by 14.297% to SAR 641.07 million in the January-March period, compared to SAR 560.88 million during the same period of 2019, according to the company's interim financial results for the period ended on 31 March 2020.. On a quarterly basis, the company reported a 91.432% drop in net profit during the first three months of 2020, compared with SAR 94.78 million in Q4-19..