Riyadh – Saudi Advance Industries Company (SAIC) has logged net profits after Zakat and tax worth SAR 30.94 million in the first quarter (Q1) of 2022, an annual hike of 81.46% from SAR 17.05 million.

The company registered SAR 34.44 million in revenue during the first three months (3M) of 2022, higher by 74.91% than SAR 19.69 million in the year-ago period, according to the interim financial results.

Earnings per share (EPS) stood at SAR 0.62 in Q1-22, versus SAR 0.34 in Q1-21.

On a quarterly basis, the company's revenues in Q1-22 surged by 29.61% from SAR 26.57 million in Q4-21, while the net profits increased by 20.76% from SAR 25.62 million.

In 2021, SAIC posted a 249.55% year-on-year (YoY) jump in net profit after Zakat and tax to SAR 91.13 million, compared to SAR 26.07 million.

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