Delayed xAI review shifts Saudi Sasco to profit

Sasco Group announced that its valuation investment in xAI AI Company led to a change in its quarterly financial results from a loss to a profit, as net profit rose to 56.81 million riyals instead of the previous loss of 5.98 million riyals, due to revaluation. Despite this, the company recorded a sales growth of 12.2%, reaching 3.23 billion riyals. However, the gross profit margin declined to 1.6% from 2.7%, due to a decrease in operating profitability. The non-operational investment revaluation had a significant impact, primarily contributing to the change in financial results, alongside the continued expansion of the number of stations and stores.

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