Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) on Wednesday stated that its net profits surged 291.24% year-on-year in the third quarter of 2017.
Net profits jumped to SAR 9.82 million in Q3-17, from SAR 2.51 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled up 29.89%.
SAIC attributed the increase in its year-on-year net profits to higher earned dividends, and a decrease in financing expenses.
The firm’s net profits soared 108.43% to SAR 20.78 million from January until September 2017, from SAR 9.97 million in the same period in the year before.
By 1:10 pm KSA time, SAIC’s stock rose 0.39% to reach SAR 12.86.
