Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) logged net profits after Zakat and tax worth SAR 22.07 million in the first quarter (Q1) of 2023, an annual drop of 28.67% from SAR 30.94 million.

Revenues amounted to SAR 25.35 million in Q1-23, lower by 26.39% than SAR 34.44 million in Q1-22, according to the interim financial results.

The earnings per share (EPS) stood at SAR 0.37 during the January-March 2023 period, versus SAR 0.52 in the year-ago period.

On a quarterly basis, the Q1-23 net profits grew by 11.18% from SAR 19.85 million in Q4-22, while the revenues increased by 3.26% from SAR 24.55 million.

Last year, SAIC recorded a 9.96% rise in net profit after Zakat and tax to SAR 100.21 million, compared to SAR 91.13 million in 2021.