Saudi Industrial Services Company (SISCO) posted a 2,325% hike in net profit after Zakat and tax to SAR 19.40 million during the first quarter (Q1) of 2023, compared to SAR 800,000 in Q1-22.

Revenues hit SAR 434.90 million as of 31 March 2023, a 104.56% year-on-year (YoY) surge from SAR 212.60 million, according to interim financial results.

The earnings per share (EPS) widened to SAR 0.24 during Q1-23 from SAR 0.01 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax rose by 5.43% from SAR 18.40 million in Q4-22, while the revenues enlarged by 57.12% from SAR 276.80 million.

Last year, SISCO recorded net profits after Zakat and tax worth SAR 36.70 million, lower by 36.61% than SAR 57.90 million in 2021.

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