On 2026-08-05 15:41:27 (Saudi Time), Saudi Automotive Services Co. (SASCO) announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ended June 30, 2026, SASCO's sales/revenue increased 10.865% YoY to SAR 6,247.46 million (from SAR 5,635.15 million), driven by higher sales volumes from the expansion of the station network, growth in Palm store and transport sector sales, and higher diesel selling prices. However, net profit swung to a loss of SAR -29.69 million from a profit of SAR 33.98 million in the same period of the prior year, primarily due to higher cost of sales, increased expected credit loss provisions, lower other operating income, higher finance costs, higher Zakat expense, and the absence of prior-year gains from the fair value remeasurement of the xAI investment. These negative impacts were only partially offset by the higher sales, lower G&A and marketing expenses, higher gains from the sale of Aramco shares, and increased investment income.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 6.767% to SAR 3,225.98 million, driven by seasonal factors and continued expansion of the station network. The net loss narrowed significantly QoQ (from SAR -23.7 million to SAR -5.98 million, a 74.767% improvement), primarily due to higher revenues boosting gross profit, lower G&A expenses, reduced expected credit loss provisions, higher other operating income and gains, and increased dividend income from investments. These improvements were partially offset by higher selling and marketing expenses, lower finance income, and the absence of gains from Aramco share sales that were recorded in the prior quarter.

Other Items

The external auditor issued an unmodified conclusion with no additional comments or reservations noted. The financial results for the current period do not include any gains arising from the revaluation of the investment in xAI, as the updated valuations had not been received from the investment fund as at the date of preparation of these interim financial statements. Profits (Losses) resulting from the change in investment property's fair value amounted to SAR 0.65 million, representing 0.093% of capital. Total shareholders' equity (after deducting minority equity) stood at SAR 855.78 million as of the current period, compared to SAR 883.3 million in the same period of the prior year, a decline of 3.115%. Loss per share for the current period was SAR -0.42, compared to earnings per share of SAR 0.49 in the same period of the prior year.

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Important Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.