SAIC net profit drops 23% in FY2019

09/03/2020 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit after Zakat and tax of SAR 28.52 million for the fiscal year of 2019, down 23% year-on-year (YoY), compared to SAR 37 million in the same period last year.

Financials (M)

Item	2018	2019	Change‬
Revenues	44.54	44.39	(0.3 %)
Gross Income	44.54	44.39	(0.3 %)
Operating Income	37.93	34.58	(8.8 %)
Net Income	36.93	28.55	(22.7 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.62	0.48	(22.7 %)

The drop was attributed to lower revenue due to a decrease in profits from associates and higher general and administrative expenses (G&A).

The company reported a net loss after Zakat and tax of SAR 3.5 million in Q4 2019, compared to a net profit of SAR 7.13 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	10.45	4.68	(55.2 %)
Gross Income	10.45	4.68	(55.2 %)
Operating Income	7.49	1.61	(78.5 %)
Net Income	7.13	(3.45)	(148.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.12	(0.06)	(148.4 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	13.59	4.68	(65.6 %)
Gross Income	13.59	4.68	(65.6 %)
Operating Income	11.79	1.61	(86.3 %)
Net Income	11.50	(3.45)	(130.0 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.19	(0.06)	(130.0 %)

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