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Xai reports Q2 profit of 56.8 million
Saudia Car Services & Equipment Company (Sasco) announced a radical turnaround in its financial results for the second quarter of 2026. The profits were revised to reach 56.81 million riyals, compared to the previous loss of 5.98 million riyals, following a recent valuation of its investments in an American company (xAI). This valuation was based on the investment fund informing the company of the fair value of its investments as of June 30, 2026, leading to adjustments before the external auditor's approval. Additionally, the net profit for the first six months of the year was corrected to 33.11 million riyals, instead of a previous loss of 29.69 million riyals. The company confirmed that the financial report has undergone an approved review, with continued growth in sales and revenues by 12.22% during the second quarter, reaching 3.22 billion riyals, driven by expansion of the station network, increased sales, and higher diesel prices. Earnings per share after adjustments amounted to 0.47 riyals.
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