SAIC to achieve positive results in Q2 2022, mulls growth opportunities, expansions: chairman

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co. (SAIC) is expected to achieve positive results in the second quarter of 2022. The high costs of production and raw materials will likely narrow the profit margins, but will unlikely have a direct impact on financial statements, said Chairman Youssef Algafari.

SAIC invests in several sectors, including petrochemicals, glass and energy, and has multiple investment portfolios. The company's the board of directors will continue to diversify investments in various fields and will study the best investment offerings, Algafari told CNBC Arabia.

The chairman added that expansion outside the Saudi market is not on the table currently, as the company sees and gives priority to very huge opportunities in the Kingdom.

The company has very few loans, said Algafari, adding that investment opportunities are available in several areas and activities and that SAIC has self-resources and does not rely only on credit facilities.

He also pointed out that, given the diversity of the company's investments, the risks are few, whether those that may result from inflation or from higher cost of financing.

Elsewhere, Algafari said SAIC’s share buyback plan is not supposed to exceed 5% of the company’s total shares.

He added that SAIC’s decision about non-extension of the memorandum of understanding signed to acquire Educational Guide for Training and Education Co. was the best investment decision for the company. Being an investment firm, SAIC looks for growth and expansion opportunities in various fields.

SAIC’s board of directors approved, on June 28, appointing Yousef Algafari as Chairman in place of Abdullah Aljuraish, Argaam reported.