Riyadh – Mubasher: Saudi Advanced Industries Co. (SAIC) on Wednesday reported a 24.75% year-on-year growth in its net profits after calculating Zakat and Tax during the third quarter of 2018, registering SAR 12.25 million ($3.27 million), from SAR 9.82 million ($2.62 million).

SAIC’s revenues rose 10.6% to SAR 12.89 million from July to September 2018, against SAR 11.65 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

Year-on-year, operating profits levelled up 13.8% to SAR 11.84 million during the three-month period ended September, compared to SAR 10.4 million in the corresponding period a year earlier.

During the first nine months of this year, SAIC’s net profits after calculating Zakat and Tax jumped 49.4% to SAR 31.05 million, from SAR 20.78 million in the year-ago period.

The Saudi firm attributed the nine-month profit growth to higher revenues, in addition to a drop in general and administrative expenses and financing costs.

Sales increased by 40% to SAR 34.09 million in The January-September period of 2018, compared to SAR 24.42 million in the year before, while operating profits surged 47% to SAR 30.44 million, from SAR 20.71 million.

Earnings per share (EPS) amounted to SAR 0.62, up from SAR 0.42.

By 11:51 am Saudi time, SAIC’s stock increased 8.13% to SAR 12.50.