SAIC profit slides 35% in Q3

This retreat resulted from lower revenues

  
A man checks his mobile phone next to a screen with Saudi Stock Exchange (Tadawul) prices in Riyadh, Saudi Arabia September 16, 2019. REUTERS/Stringer

A man checks his mobile phone next to a screen with Saudi Stock Exchange (Tadawul) prices in Riyadh, Saudi Arabia September 16, 2019. REUTERS/Stringer

Riyadh – Mubasher: Saudi Advanced Industries Co (SAIC) saw a 34.8% annual slump in profits during the third quarter (Q3) of 2020 to SAR 7.5 million.

This retreat resulted from lower revenues due to a decrease in the company’s shares of profits from subsidiaries and a drop in dividends distributions, according to a bourse disclosure on Wednesday.

Moreover, the firm saw higher Zakat expenses and other income and lower financing costs.

Revenue of the Tadawul-listed firm amounted to SAR 9.59 million in Q3-20, a drop of 29.4% when compared to SAR 13.59 million in Q3-19.

Over the period from January to September, the net earnings slid by 35.8% yearly to SAR 20.55 million.

Source: Mubasher

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