RIYADH: Saudi Astra Industrial Group saw its profit soar 202 percent to SR318 million ($85 million) during the first half of 2022, bolstered by a rise in sales.
The company’s net profit almost tripled from SR105 million in the same period in 2021, driven by revenue growth of 10 percent, according to a bourse filing.
Revenue surged to SR1.24 billion, compared to SR1.12 billion a year earlier, while the profit per share went up to SR3.97 from SR1.32.
The robust performance propelled a 5.2 percent gain in the group’s share price to reach SR49.2 at Thursday’s closing bell.
During the second quarter, Astra Industrial Group’s Al Tanmiya Steel sold its stake in Iraqi unit Al Anmaa for Construction Materials Production in a SR731 million deal.
