SASCO has secured SAR 550 mln in financing, says CEO

Saudi Automotive Services Co (SASCO) has secured sharia-compliant financing facilities worth SAR 550 million, CEO Riyadh Almalik told Argaam.

The facilities will be deployed to achieve the company’s strategy of at financing acquisitions, opening new stations, and developing existing facilities, Almalik said, adding that these facilities are repaid in due time.

SASCO’s strong figures in Q3 were backed by new openings and lower general and administrative expenses (G&A), driven by lower customs claims.

SASCO has more than 150 existing stations, and service centers and more than 60 stations of ASCO the Palm. It is currently looking to conclude several acquisition deals in the Kingdom before year-end, he added.

SASCO’s net profit for the first nine months of 2017 jumped 60.6 percent year-on-year (YoY) to SAR 20.6 million. Net profit for the third quarter increased 36.6 percent YoY to SAR 9.11 million.