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SAIC’s profit edges down in Q1

SAIC’s profit edges down in Q1
The Saudi firm’s net profits amounted to SAR 4.13 million in Q1-19
SAIC
2120
1.33% 26.70 0.35

Riyadh – Mubasher: Saudi Advanced Industries Co. (SAIC) reported a year-on-year profit drop in the first quarter of 2019.

The Saudi firm’s net profits amounted to SAR 4.13 million ($1.10 million) in Q1-19, down from SAR 4.16 million ($1.11 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The year-on-year profit decrease was ascribed to higher financial costs and zakat expenses, a growth in general and administrative expenses, and a decrease in other income.

As for Q4-18, SAIC’s profits retreated 39.2% to SAR 5.96 million, compared to SAR 9.8 million in the year-ago period.