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SAIC’s net profit balloons 393% YoY in Q1-24

SAIC’s net profit balloons 393% YoY in Q1-24
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Riyadh – Mubasher: The net profit of Saudi Advanced Industries Company (SAIC) skyrocketed 392.61% year-on-year (YoY) to SAR 108.72 million in the first quarter (Q1) of 2024 from SAR 22.07 million.

Revenues soared 385.13% YoY to SAR 122.98 million in Q1-24 from SAR 25.35 million in the same quarter last year, according to the estimated financial results.

The earnings per share (EPS) reached SAR 1.84 from January to the end of March 2024, up from SAR 0.37 in Q1-23.

Quarter-on-quarter (QoQ), the company's net profit surged by 201.24% from SAR 36.09 million in the first three months (3M) of 2023, while revenues jumped by 129.26% QoQ from SAR 53.64 million.

It is worth highlighting that SAIC recorded a net profit of SAR 148.80 million in 2023, up 48.49% YoY from SAR 100.21 million.