SAIC’s 9M 2024 profit jumps to SAR 285.2M; Q3 at SAR 67.9M

Saudi Advanced Industries Co. (SAIC) reported a net profit surge to SAR 285.2 million in the first nine months of 2024, from SAR 111.2 million in the prior-year period.

The nine-month net earnings were driven by better revenue, despite increased general and administrative (G&A) expenses, financing costs, and estimated Zakat expenses.

SAIC recorded an increase in net profits from financial assets at fair value (FV) through profit or loss and higher profits from selling shares in associates despite lower dividends and a decline in the company’s share in profits of associates.

In the third quarter of 2024, the company’s net profit leapt 74% to SAR 67.9 million, compared to SAR 38.94 million a year ago, thanks to higher revenue backed by improved net profits from financial assets at FV.

On a quarterly basis, SAIC’s bottom line dropped 37.4% from SAR 108.5 million in Q2 2024 as revenues slumped quarter-on-quarter amid higher G&A expenses and financing costs. Additionally, its profit share from associates declined.

Shareholders’ equity, no minority interest, rose to SAR 1.21 billion as of Sept. 30, 2024, from SAR 962.45 million a year earlier.

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