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Dollar bundles of banknotes ready for cash deposit in the bank. Getty Images Image used for illustrative purpose.
Saudi Advanced Industries Company (SAIC) logged net profits after Zakat and tax worth SAR 22.07 million in the first quarter (Q1) of 2023, an annual drop of 28.67% from SAR 30.94 million.
Revenues amounted to SAR 25.35 million in Q1-23, lower by 26.39% than SAR 34.44 million in Q1-22, according to the interim financial results.
The earnings per share (EPS) stood at SAR 0.37 during the January-March 2023 period, versus SAR 0.52 in the year-ago period.
On a quarterly basis, the Q1-23 net profits grew by 11.18% from SAR 19.85 million in Q4-22, while the revenues increased by 3.26% from SAR 24.55 million.
Last year, SAIC recorded a 9.96% rise in net profit after Zakat and tax to SAR 100.21 million, compared to SAR 91.13 million in 2021.
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