Riyadh – Mubasher: Saudi Advanced Industries Co (SAIC) recorded net profits of SAR 3.4 million (907,000) in the first quarter of 2017, versus losses of SAR 2.51 million ($669,000) in Q1-16.
Operational profit reached SAR 3.21 million in Q1-17 against SAR 3.2 million in losses in Q1-16.
The company attributed its turn to profits to lower losses from its stake in associate firms, lower general and administrative expenses, and other higher revenues, according to a bourse filing on Sunday.
Revenues reached SAR 4.42 million in Q1-17 versus SAR 1.9 million in losses in the year-ago period.
