The Saudi Advanced Industries Company achieved a growth of 102% in the profits for the first quarter of 2020 to reach 8.4 million riyals, compared to 4.1 million riyals in the same quarter of the year 2019.
According to Arabia Net, the company attributed the reason for the increase in its quarterly net profit, compared to the same quarter of the previous year, to the increase in revenue due to the high dividend dividends. > This rise came despite the decrease in the company's share of the profits of the associate companies and the presence of losses of selling financial assets at fair value through profits and losses. Other revenues increased and financing costs decreased, according to the company statement, and the rise in profits comes despite the increase in general and administrative expenses and the increase in the estimated Zakat during the current quarter compared to the corresponding quarter of Previous year.
