Saudi Automotive Services Co. (SASCO) announces the consolidated annual financial results for the period ended December 31, 2023

Saudi Automotive Services Co. (SASCO) announces the consolidated annual financial results for the period ended December 31, 2023

Element List

Explanation

The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year

The reason for the increase in sales during the current year compared to the previous year is due to the increase in the quantity of sales from existing locations in addition to the growth in the number of added locations.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is

The reason for the increase in net profit during the current year compared to the previous year is the growth in sales, which led to the growth of gross profit, and decrease in G&A expenses, which had a positive impact on income from main operations, in addition to increase in investment revenues and the current year’s inclusion of the profit resulting from the valuation of Investment properties and a decrease in zakat expense. This is despite the increase in selling and marketing expenses, the provision for credit losses, financing expenses, and the previous year’s inclusion of the profit resulting from the sale and leaseback process.

Statement of the type of external