Riyadh – Mubasher: The Saudi Advanced Industries Co (SAIC) on Sunday has reported a 50.29% year-on-year growth in its profits for the first quarter of 2018.
SAIC’s net profits amounted to SAR 5.11 million during the three-month period ended March 2018, compared to SAR 3.4 million in Q1-17, according to a bourse filing.
The firm attributed the first-quarter profit hike to log SAR 5.5 million in profits from associates, against suffering a loss of SAR 600,000 during the year-ago period.
The increase in net profits was also attributed to a 6.9% decline in general and administrative expenses and an 83.5% decrease in financing expenses, the Saudi Arabia-based company noted.
SAIC’s revenues levelled up 24% to SAR 5.48 million during Q1-18, compared to SAR 4.42 million in the same period in the prior year.
Quarter-on-quarter, profits retreated 47.91% in Q1-18, compared to Q4-17.
By 10:34 am Saudi time, SAIC’s stock gained 1% to hit SAR 14.12.
