SAIC net profit drops 36% to SAR 13.1 mln in H1 2020

18/08/2020 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a 36% slump year-on-year (YoY) in H1 2020 net profit after Zakat and tax to SAR 13.1 million.

The profit decline was attributed to lower revenue, due to a decrease in company’s profit shares from subsidiaries, lower dividend distribution and higher Zakat expenses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	26.13	17.44	(33.3 %)
Gross Income	26.13	17.44	(33.3 %)
Operating Income	21.18	13.63	(35.7 %)
Net Income	20.50	13.05	(36.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.34	0.22	(36.4 %)

The second quarter net profit after Zakat and tax tumbled 71% YoY to SAR 4.7 million, hit by to a decline in company’s profit shares from subsidiaries, lower dividend distribution and higher Zakat expenses.

This came despite a drop in general and administrative expenses, a decline in financial costs and increased other revenues during the second quarter.

When compared to the previous quarter, net profit plunged 43.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	20.08	6.71	(66.6 %)
Gross Income	20.08	6.71	(66.6 %)
Operating Income	16.65	4.95	(70.3 %)
Net Income	16.37	4.70	(71.3 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.27	0.08	(71.3 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	10.72	6.71	(37.4 %)
Gross Income	10.72	6.71	(37.4 %)
Operating Income	8.68	4.95	(42.9 %)
Net Income	8.35	4.70	(43.8 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.14	0.08	(43.8 %)

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