Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Advanced Industries Company (SAIC) grew by 22.67% to SAR 80.36 million in the first nine months (9M) of 2022, versus SAR 65.51 million in 9M-21.

Revenues amounted to SAR 91.49 million in the January-September 2022 period, an annual surge of 22.15% from SAR 74.90 million, according to the interim financial results.

The earnings per share (EPS) went up to SAR 1.61 in 9M-22 from SAR 1.31 in the year-ago period.

During the third quarter (Q3) of 2022, the company posted a 30.22% year-on-year (YoY) drop in net profit after Zakat and tax to SAR 22.10 million, compared to SAR 31.67 million.

The revenues also plummeted by 27.62% YoY to SAR 25.97 million in Q3-22 from SAR 35.88 million.

On a quarterly basis, the Q3-22 net profits after Zakat and tax shrank by 19.11% from SAR 27.32 million in Q2-22, while the revenues declined by 16.47% from SAR 31.09 million.

In the first half (H1) of 2022, SAIC achieved earnings worth SAR 58.26 million, up 72.16% YoY from SAR 33.84 million.