SASCO’s market share at 5.6%, 50 EV stations expected this year: CEO

Riyad Saleh Al-Malik, CEO at Saudi Automotive Services Co. (SASCO)

Saudi Automotive Services Co. (SASCO) has a market share of 5.6% of the Kingdom’s stations count, with an eye to launch 50 new stations in 2024, CEO Riyadh Almalik told Argaam.

This aligns with the company’s strategy aimed at more acquisitions and new openings. The goal is to reach a total of 600 stations by 2024-end, the CEO further stated.

SASCO has already signed contracts for over 80 new stations, Almalik said, adding that it currently operates 541 units across the Kingdom, catering to more than 550,000 vehicles per day. This is in addition to 122 SASCO Palm branches, versus a target of 200 branches before year-end. 

In 2018, the Saudi-listed firm announced the launch of services related to electric vehicle (EV) charging stations. In 2023, it signed a contract to supply EV chargers to cover over 50 locations across the Kingdom. It also installed over 85 electronic billboards at stations, with a target to install 1,500 billboards in 500 locations. 

Moreover, Almalik indicated that Saudi Arabia’s largest fuel station, Al-Jazeera 1 project, to be inaugurated in Q2 2024, will cost SAR 35 million. The project will be partially completed at present with expansions to be implemented at later stages. 

SASCO has SAR 1.4 billion in debt, of which over SAR 369 million were paid off, Almalik stated, noting that the company is committed to deleveraging as it has abundant liquidity.