SAIC net profit rises 23% to SAR 80.4 mln in 9M 2022; Q3 down to SAR 22.1 mln

Saudi Advanced Industries Co. (SAIC) reported a net profit after Zakat and tax of SAR 80.4 million in the first nine months of 2022, a 23% surge from SAR 65.5 million in the year-ago period.

The profit hike was driven by a rise in revenue due to higher company shares from subsidiaries’ profits, improved dividend distribution and lower Zakat expenses. This was partially offset by an increase in general and administrative (G&A) expenses and financing costs (FC) as well as a decrease in other revenue.

In Q3 2022, net profit after Zakat and tax saw a 30% decline to SAR 22.1 million, from SAR 31.7 million in the year before.

The profit drop was attributed to lower share from subsidiaries’ profits, lower dividend distribution and higher (G&A) expenses and FC.

Sequentially, the company’s net profit fell 19% from SAR 27.3 million in Q2 2022.

Shareholders’ equity, excluding minority interest, reached SAR 908.59 million as of Sept. 30, 2022, from SAR 922.02 million in the year-earlier period.

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