Saudi Automotive Services Co. (SASCO) announces the interim financial results for the period ended December 31, 2011 as follows :

1. The net income for the quarter ended December 31, 2011 was SAR 15.3 Million, compared to the net income of SAR 6.8 Million for the same quarter in 2010, representing an increase of 125%, and compared to the net income for the previous quarter of SAR 6.7 Million representing an increase of 128%.

2. The gross profit for the quarter ended December 31, 2011 amounted to SAR 2.9 Million, compared to same quarter in 2010 of SAR 3 Million, representing a decrease of 3%.

3. The income from operations for the quarter ended December 31, 2011 amounted to SAR (2.7) Million, compared to SAR (0.4) Million for the same quarter in 2010, this represents an increase of 575%.

4. The net income for the twelve months period ended December 31, 2011 was SAR 37.8 Million, compared to the net income of SAR 34.8 Million for the same period in 2010, representing an increase of 8.6 %.

5. The earning per share for the twelve months period ended December 31, 2011 amounted to 0.84 SAR, compared to 0.77 SAR for the same period in 2010.

6. The gross profit for the twelve months period ended December 31, 2011 was SAR 21 Million, compared to SAR 23.2 Million for the same period in 2010, representing a decrease of 9.5 %.

7. The income from operations for the twelve months period ended December 31, 2011 was SAR 4 Million, compared to SAR 10.7 Million for the same period in 2010, representing a decrease of 62.6 %.

8. The reason for increase in net profit in the 4Q of 2011 compared with 4Q in 2010 to higher other income and investment income of  SAR 10 million, while positively affecting investment in net profit for the  12 month comparison of SAR 5 million. However, gross profit decreased "during the 12 month and the 4Q of 2011 compared to 2010," because the Co. rehabilitated some of its sites which had a negative impact on revenue, the decline in sales of Auto club attributed to political in Arab countries, The constant ratio for marketing , operating expenses and custom claims, contributed together for the increase in cost when attributed as a percentage from total revenues.The increase resulted from administrative expenses can be attributed to recruitment of many skilled labors, which contributed to a decrease in the company's operating income.

The company decided there was no need to create more provision for doubtful debts in the current year

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