Riyadh – Mubasher: The Saudi Advanced Industries Co (SAIC) on Monday said that its net profit soared 356.28% year-on-year during the fourth quarter of 2017.
Net profit jumped to SAR 9.81 million in Q4-17, up from SAR 2.15 million in the same period a year earlier, according to a bourse statement.
Quarter-on-quarter, the firm's profits inched down 0.1%.
SAIC attributed the growth in its year-on-year net profits to a rise in its earnings in associate firms and the hike of other revenues, and a decrease in funding expenses.
The firm’s revenues levelled up 122.71% to SAR 10.2 million during Q4-17, compared to SAR 4.58 million in the corresponding period the year before.
The company’s net profits surged 152.31% to SAR 30.58 million in 2017, from SAR 12.12 million a year earlier.
SAIC’s revenues grew 85.43% to SAR 34.62 million during 2017, compared to SAR 18.67 million the previous year.
The stock edged down 0.44%, closing Monday at SAR 13.65.
