SASCO posts SAR 33.1M profit in H1 2026

Saudi Automotive Services Co. (SASCO) initially reported a net profit of SAR 33.1 million for the first half of 2026, versus a net profit of SAR 34.0 million in the year-earlier period. The company subsequently reported a net loss of SAR 29.7 million for the period, versus a net profit of SAR 34.0 million in H1 2025.

The financial results were restated after the company received an updated fair value assessment of its investment in xAI, which had a material impact on the financial statements for the period ended June 30, 2026.

The company said the decline in profit was driven by higher cost of sales, increased expected credit loss provisions, lower other operating income, higher finance costs, the inclusion of a gain from the revaluation of an investment in the prior-year period, and higher Zakat expense.

These factors were partly offset by higher sales, driven by increased sales volumes resulting from the expansion of the station network, growth in Nakhlah SASCO and the transport segment, and higher diesel selling prices. The company also recorded higher gains from the sale of Aramco shares and investment income, as well as higher changes in the fair value of financial assets held at fair value through profit or loss and lower general, administrative and marketing expenses.

For Q2 2026, SASCO reported a net loss of SAR 5.98 million, versus a net profit of SAR 29.70 million in Q2 2025.

The company attributed the year-on-year increase in quarterly profit to a 12.2% rise in sales, driven by higher volumes resulting from the expansion of the station network, the impact of higher diesel prices, and additional contributions from new Nakhlah SASCO sites.

Profit also benefited from higher gains from changes in the fair value of financial assets held at fair value through profit or loss, lower general, administrative and marketing expenses, and higher other gains and dividends received from investments.

These factors were offset by higher cost of sales, lower other operating income, and lower finance income.

On a sequential basis, SASCO attributed the improvement from the Q1 2026 loss to higher sales due to the seasonal impact on revenue and the expansion of the station network, which increased gross profit.

The quarter also benefited from lower general, administrative and marketing expenses and expected credit loss provisions, higher other operating income and gains, higher dividends received from investments, and lower Zakat expense.

These factors were partly offset by higher selling and marketing expenses, lower finance income, and the inclusion of gains from the sale of Aramco shares in the previous quarter.

Shareholders’ equity, after minority interest, fell to SAR 918.6 million as of June 30, 2026, from SAR 883.3 million a year earlier.

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