Latest news with #SASCO
Zawya
05-05-2025
- Automotive
- Zawya
Saudi: SASCO's net profits fall in Q1-25; revenues exceed $720mln
Riyadh – Saudi Automotive Services Company (SASCO) achieved net profits valued at SAR 4.28 million in the first quarter (Q1) of 2025, down 59.69% year-on-year (YoY) from SAR 10.62 million. The company's revenues jumped by 12.50% to SAR 2.76 billion in Q1-25 from SAR 2.45 billion a year earlier, according to the financial results. Earnings per share (EPS) amounted to SAR 0.06 as of 31 March 2025, compared to SAR 0.15 in Q1-24. Quarterly, the Q1-25 net profits dropped by 57.83% from SAR 10.15 million in Q4-24, while the revenues grew by 5.97% from SAR 2.60 billion. Last year, SASCO posted 61.41% lower net profits at SAR 44.21 million, compared to SAR 114.55 million in 2023. Source: Mubasher
Gulf Business
24-03-2025
- Automotive
- Gulf Business
EVIQ launches Saudi's first highway EV charging station
Image Credit: EVIQ EVIQ, a leading force in Saudi Arabia's electric vehicle infrastructure sector, has inaugurated its first highway charging station at SASCO Aljazeera, its located on the vital Riyadh-Qassim highway. This launch marked a significant step in the wider regional effort to promote sustainable transportation. It aims to overcome the challenges of long-distance travel for EV users and is expected to significantly boost the adoption of electric vehicles in the country, embracing the sustainable energy solutions. EVIQ's initiative for the future This milestone is the beginning of EVIQ's extensive highway charging network across Saudi Arabia. They are committed to delivering advanced charging solutions, with over 5,000 fast chargers by 2030, to facilitate the Kingdom's sustainability vision through reliable, accessible, and high-performing charging solutions. Commenting on this milestone,Mohammed Bakr Gazzaz, CEO of EVIQ, said: 'The inauguration of our first highway EV charging hub at SASCO Aljazeera on RYD-QSM highway represents a pivotal moment in the development of a robust and interconnected charging network across Saudi Arabia.' Gazzaz said this initiative is key to supporting the Kingdom's transition towards sustainable transportation by ensuring EV drivers have access to efficient charging infrastructure along crucial highways. 'It also reflects EVIQ's commitment to fostering a greener, more energy-efficient future in line with national sustainability goals. Our ongoing expansion for this year will include another two upcoming highway routes, which are: Riyadh-Dammam, and Mecca-Madinah, in addition to our plans for further expansion on the Riyadh-Qassim route,' said Gazzaz. Key collaboration SASCO's strategic partnership in this EV charging initiative marks a significant advancement for Saudi Arabia's roadside infrastructure. By incorporating EVIQ's charging solutions into their extensive service station network, SASCO is actively shaping the future of travel. This collaboration reflects as a dedication to modernising travel experiences and promoting eco-friendly transportation choices. To further elaborate this point, Riyadh Almalik, CEO of SASCO, added: 'At SASCO, we are committed to evolving our services to meet the changing needs of travelers in Saudi Arabia. The introduction of EV charging stations at our locations is a significant step in supporting the Kingdom's sustainability goals and providing innovative solutions for motorists.' He went further to explain the importance of the partnership. 'Our partnership with EVIQ enables us to offer seamless and convenient charging options, ensuring that EV drivers have access to reliable infrastructure as they travel across the country. We look forward to expanding this initiative to more SASCO locations, reinforcing our role as a key enabler of Saudi Arabia's transition to electric mobility,' he said.
Zawya
23-03-2025
- Automotive
- Zawya
EVIQ launches its first highway EV charging station at SASCO Aljazeera on Riyadh-Qassim highway
Riyadh, Saudi Arabia – Sunday, 23 March 2025 – EVIQ, Saudi Arabia's leading EV infrastructure provider, has inaugurated its first highway EV charging station located at SASCO Aljazeera on Riyadh-Qassim highway. This expansion forms part of a broader strategy to establish a comprehensive, nationwide EV charging network that will facilitate long-distance travel and stimulate the adoption of electric mobility across Saudi Arabia. This significant milestone marks the first of many highway stations that are part of EVIQ's rollout plan to cover KSA, and its commitment to deploying more than 5,000 fast chargers by 2030, and its continuous efforts to provide reliable, accessible, and high-performance charging solutions that align with the sustainability goals of the Kingdom's Vision. Commenting on this milestone, Mohammed Bakr Gazzaz, CEO of EVIQ, stated: "The inauguration of our first highway EV charging hub at SASCO Aljazeera on RYD-QSM highway represents a pivotal moment in the development of a robust and interconnected charging network across Saudi Arabia. This initiative is key to supporting the Kingdom's transition towards sustainable transportation by ensuring EV drivers have access to efficient charging infrastructure along crucial highways. It also reflects EVIQ's commitment to fostering a greener, more energy-efficient future in line with national sustainability goals. Our ongoing expansion for this year will include another two upcoming highway routes, which are: Riyadh-Dammam, and Mecca-Madinah, in addition to our plans for further expansion on the Riyadh-Qassim route.' As a strategic partner in this initiative, SASCO plays a crucial role in enhancing Saudi Arabia's roadside infrastructure by integrating EV charging solutions into its nationwide network of service stations. This pivotal agreement with EVIQ aligns with SASCO's commitment to modernizing highway amenities and promoting sustainable mobility solutions for travelers. Underscoring this, Riyadh Almalik, CEO of SASCO, also commented: "At SASCO, we are committed to evolving our services to meet the changing needs of travelers in Saudi Arabia. The introduction of EV charging stations at our locations is a significant step in supporting the Kingdom's sustainability goals and providing innovative solutions for motorists. Our partnership with EVIQ enables us to offer seamless and convenient charging options, ensuring that EV drivers have access to reliable infrastructure as they travel across the country. We look forward to expanding this initiative to more SASCO locations, reinforcing our role as a key enabler of Saudi Arabia's transition to electric mobility.' -Ends- About EVIQ The Electric Vehicle Infrastructure Company (EVIQ) is a joint venture company between the Public Investment Fund (PIF) & Saudi Electricity Company (SEC). The company supports EV adoption in the Saudi market by building best-in-class infrastructure and creating a nationwide network of fast-charging hubs for electric vehicles around the Kingdom. With a vision to deploy more than 5,000 chargers in strategic locations around the Kingdom, EVIQ is spearheading the enablement of the EV ecosystem in Saudi Arabia. Through strong collaboration with local partners for installation & maintenance, EVIQ is aiming to build a strong foundation for the sector which will stimulate the growth of EV adoption among the Saudi community, leading to making the sector more attractive and rewarding for investors to take part in the journey. In addition, EVIQ has also established a state-of-the-art Research & Development (R&D) Facility in Riyadh, that is the first-of-its-kind in the region. The new facility will be used for testing a spectrum of chargers and software to ensure the deployment of best-in-class equipment, reinforcing EVIQ's commitment to quality & efficiency, and driving the evolution in the EV sector across the Kingdom of Saudi Arabia. This facility is a corner-stone in the deployment of chargers & technologies that meet the highest standards of quality, safety, efficiency, and compatibility for the Saudi Market. EVIQ envisions a robust presence throughout Saudi Arabian cities and connecting roads by 2030. This strategic initiative aligns with relevant regulations and standards, aiming to lead the electric vehicle (EV) transition by providing best-in-class and widely accessible EV charging infrastructure. The widespread adoption of EVs holds multifaceted benefits, such as cost saving for car owners, reducing carbon emissions from transportations, and supporting a more sustainable & greener environment for Saudi Arabia. About SASCO Saudi Automotive Services Company (SASCO) is a leading publicly listed company in Saudi Arabia specializing in automotive and travel services. Established in 1982, SASCO operates one of the largest networks of fuel stations and rest areas across the Kingdom, providing travelers and motorists with high-quality fuel, retail stores, dining options, and vehicle maintenance services. With a strong commitment to customer convenience, SASCO continuously expands and modernizes its service centers, integrating advanced technology and sustainable practices to enhance the road travel experience. The company also partners with global and local brands to offer a wide range of services, including convenience stores, quick-service restaurants, and premium car care solutions. Aligned with Saudi Vision 2030, SASCO plays a vital role in improving the country's transportation infrastructure, supporting economic growth, and promoting tourism by ensuring world-class roadside facilities.
Argaam
16-02-2025
- Business
- Argaam
SASCO says overturning of ruling requiring housing ministry to pay SAR 8.2M, case dismissal
Saudi Automotive Services Co. (SASCO) announced that a ruling has been issued to overturn the previous verdict in its favor, which had required the Ministry of Housing to pay SAR 8.2 million as fair compensation for the expropriation of part of SASCO's land in the Hafar Al-Batin region. The new ruling also dismisses the lawsuit. In a statement on Tadawul, the company clarified that this decision followed a request from the defendant, the Ministry of Housing, to overturn the ruling. Accordingly, the appeal was accepted in form and substance, and the ruling issued by Riyadh's General Court was overturned and the lawsuit was dismissed.
