SAIC 9M 2023 profit up 38% to SAR 111.2 mln; Q3 at SAR 38.9 mln

Saudi Advanced Industries Co. (SAIC) posted a 38% profit increase in the first nine months of 2023 to SAR 111.2 million, compared to SAR 80.4 million in the year-earlier period.

The year-on-year (YoY) profit hike was driven by higher profits from the sale of stakes in associated companies and selling financial assets at fair value through profit or loss (FVTPL).

There was also an increase in unrealized gains from FVTPL financial instruments, in addition to the higher dividends earned.

This was partially offset by a lower share of associate companies' profits, higher financing costs, general and administrative expenses and Zakat charges as well as decreased other income.

In Q3 2023, net profit inched up by 76% to SAR 38.9 million from SAR 22.1 million in Q3 2022.

On a sequential basis, the Q3 2023 bottom line fell 22.4% from SAR 50.16 million on higher unrealized losses from FVTPL financial assets, lower profit from selling FVTPL financial and reduced dividends earned.

Shareholders’ equity, no minority interest, reached SAR 962.45 million as of Sept. 30, 2023, up from SAR 908.59 million a year earlier.

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