The net profits of Saudi Advanced Industries Company “SAIC” (2120) grew by more than 75% YoY during the third quarter of 2024 to record more than SAR 68 million.
Details
The company attributed its high profits to increased revenues despite rising general and administrative expenses, financing costs, and estimated zakat.
So what
SAIC’s quarterly revenues rose to approximately SAR 81 million, marking a 75.5% YoY increase.
The Saudi company has been focused recently on industries with competitive advantages such as oil and gas industries, petrochemical industries, manufacturing industries, building materials, and services associated with them.
Some context
The company’s net profits increased to around SAR 285.5 million during the first nine months of this year, compared to approximately SAR 111 million in the same period of 2023.
Earnings per share during this period jumped to SAR 4.84, compared to SAR 1.88 in the same period last year.
