Higher revenues boost SAIC profits in 3 months

Net profits after zakat and tax advanced by 16% in Q2 2019

Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) reported its interim financial statement for the second quarter of 2019.

Net profits after zakat and tax advanced by 16% to SAR 16.37 million in Q2-19, compared to SAR 14.1 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The rise in net profits was mainly pushed by the increase in revenues due to the increase in company shares from subsidiaries profits and increase in dividends distribution and other revenues.

Total revenues grew by 27.8% to SAR 20.08 million during the three-month period ended in June, from SAR 15.71 million in the same period of the previous year.

For the first half of 2019, SAIC’s net profits increased by 12.2% to SAR 20.5 million, versus SAR 18.26 million in H1-18.

Revenues of the Saudi-based firm jumped 23.2% year-on-year to SAR 26.12 million during the first six months of 2019.

Profit per share inched up to SAR 0.41 by the end of June, compared to SAR 0.37 in the corresponding period a year earlier.

Source: Mubasher

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