Riyadh – Mubasher: Saudi Advanced Industries Co. (SAIC) on Tuesday reported a 21% increase in profits during 2018, compared to 2017.

SAIC’s net profits after calculating Zakat and Tax amounted to SAR 37.01 million ($9.87 million) in last year, up from SAR 30.58 million ($8.16 million) during 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the rise in annual earnings to a growth in revenues, whereas financing costs declined.

Revenues levelled up 29% to SAR 44.62 million, from SAR 34.62 million.

SAIC’s operational profits jumped 36%, reaching SAR 38.01 million, compared to SAR 28.04 million.

The value of total shareholders’ equity, excluding the minority interest, rose 1.2%, to SAR 781.63 million during 2018, from SAR 772.08 million a year before.

Earnings per share (EPS) amounted to 74 halalas, up from 61 halalals.

SAIC’s profits tumbled 39.2% to SAR 5.96 million in the fourth quarter of 2018, from SAR 9.8 million during Q4-17, according to data compiled by Mubasher.