Riyadh – Mubasher: Saudi Advanced Industries Company (SAIC) posted a 24.1% decline in net profits for the second quarter of 2017 to SAR 7.56 million, compared to SAR 9.96 million in Q2-16.
On a quarter-on-quarter basis, SAIC's profits hiked 122.35%, compared to figures from Q1-17, according to a bourse filing on Thursday.
SAIC attributed the year-on-year decline in net profit in Q2-17 to the decrease in dividends, the rise in general and administrative expenses, the increase in financing expenses, despite the company's higher stake from associate companies and the surge in other revenues.
Total revenue dropped 29% to SAR 8.35 million in Q2-17 against SAR 11.74 million in Q2-16.
As for the first half, the advanced industries firm’s profits rose 47.11% to SAR 10.96 million from SAR 7.45 million in the corresponding period of 2016. Its total revenue levelled up 30% to reach SAR 12.77 million from 9.81 million in the same period the year before.
SAIC previously logged SAR 3.4 million in profits in Q1-17 against losses of SAR 3.75 million in Q1-16.
SAIC’s stock closed Wednesday at SAR 12.50, rising 0.97%.
