Riyadh – Mubasher: The Saudi Advanced Industries Co (SAIC) on Wednesday posted an 81.08% year-on-year surge in net profits for the second quarter of 2018.
SAIC logged a profit of SAR 13.69 million during Q2-18, up from SAR 7.56 million in Q2-17, according to a bourse statement.
Quarter-on-quarter, the Saudi firm's profit soared 167.91% during the period between April and June, from SAR 5.11 million.
SAIC attributed the second-quarter profit increase to a rise in revenues that resulted from a growth in subsidiaries' profits, along with lower financing expenses.
Revenues jumped 88.2% to SAR 15.71 million in the April-June period of 2018, from SAR 8.35 million in the corresponding period a year earlier.
SAIC’s net profit levelled up 71.53%, reaching SAR 18.8 million during the first six months of 2018, compared to SAR 10.96 million in H1-17.
By 10:07 am Saudi time, the stock rose 3.15% to SAR 13.78.
