SASCO to utilize fair value, revaluation model to measure investment properties

One of SASCO’s fuel stations

Saudi Automotive Services Co.’s (SASCO) board of directors decided on Feb. 5, to utilize the fair value or revaluation model to measure investment properties, according to a statement on Tadawul.

Accordingly, the company’s net assets are expected to rise by nearly SAR 70 million as of the consolidated financial statements for the fiscal year ended on Dec. 31, 2023.

This new accounting policy does not result in any cash flow within the company, the statement stressed, indicating the completion of board members’ signatures on Feb. 6.