Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) named Abdullah Muhammad Al Humaidhi as the new Chairman of the board instead of Youssef Muhammad Al Qafari, who remained a board member.

The Tadawul-listed firm also appointed Abdul Rahman Nasser Al Obaid as the Vice Chairman, according to a recent bourse disclosure.

Meanwhile, Abdullah Sulaiman Al Juraish was announced as the new Managing Director as well as Acting CEO of SAIC.

Al Juraish succeeded Musa Abdullah Al Ruwaili, whose assignment was terminated on 18 January 2023.

The new Acting CEO holds master's and doctorate degrees in commercial law, with an experience in administrative and investment business.

In the first nine months (9M) of 2022, the Saudi firm logged net profits after Zakat and tax worth SAR 80.36 million, higher by 22.67% year-on-year (YoY) than SAR 65.51 million.

Revenues enlarged by 22.15% to SAR 91.49 million in 9M-22 from SAR 74.90 million in 9M-21, whereas the earnings per share (EPS) increased to SAR 1.61 from SAR 1.31.