Saudi Advanced Industries Co. (SAIC) reported a net profit of SAR 149 million for 2023, compared to SAR 100.2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 116.05 | 180.16 | 55.2 % |
| Gross Income | 116.05 | 180.16 | 55.2 % |
| Operating Income | 102.71 | 162.23 | 58.0 % |
| Net Income | 100.21 | 148.80 | 48.5 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 1.67 | 2.48 | 48.5 % |
This was propelled by higher profit from selling shares in associates and selling financial assets at fair value. The company also cited unrealized gains from financial assets at fair value, increased dividends earned, and higher other income.
This came despite losses from selling the company’s share in Al Salam Aerospace Co. in Q4, higher financing costs, increased general, administrative and Zakat expenses.
Q4 2023 net profit increased 89.6% year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in the prior-year period.
On a quarterly basis, net profit fell 3.4% from SAR 38.94 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 24.55 | 53.64 | 118.5 % |
| Gross Income | 24.55 | 53.64 | 118.5 % |
| Operating Income | 21.79 | 46.61 | 113.9 % |
| Net Income | 19.85 | 36.09 | 81.8 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.33 | 0.60 | 81.8 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 46.03 | 53.64 | 16.5 % |
| Gross Income | 46.03 | 53.64 | 16.5 % |
| Operating Income | 40.86 | 46.61 | 14.1 % |
| Net Income | 38.94 | 36.09 | (7.3 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.65 | 0.60 | (7.3 %) |
Total shareholders’ equity, no minority interest, stood at SAR 995.41 million by Dec. 31, 2023, compared to SAR 901.18 million a year earlier.
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