SAIC posts 36% profit drop to SAR 20.6 mln in 9M 2020

04/11/2020 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit after Zakat and tax of SAR 20.6 million for the first nine months of 2020, a 36% year-on-year (YoY) drop, on lower revenues.

The company also cited a decrease in the share of profit and dividends from associates due to the COVID-19 pandemic, higher Zakat estimates. This came despite lower general and administrative expenses and finance costs along with a rise in other revenue.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	39.71	27.03	(31.9 %)
Gross Income	39.71	27.03	(31.9 %)
Operating Income	32.97	21.41	(35.1 %)
Net Income	31.99	20.55	(35.8 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.53	0.34	(35.8 %)

The company reported a net profit of SAR 7.5 million for Q3 2020, a 35% YoY decline, due to lower revenues and higher Zakat estimates.

When compared to previous quarter, net profit rose 59.5% on higher revenues and dividends.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	13.59	9.59	(29.4 %)
Gross Income	13.59	9.59	(29.4 %)
Operating Income	11.79	7.78	(34.0 %)
Net Income	11.50	7.50	(34.8 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.19	0.13	(34.8 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	6.71	9.59	42.9 %
Gross Income	6.71	9.59	42.9 %
Operating Income	4.95	7.78	57.2 %
Net Income	4.70	7.50	59.7 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.08	0.13	59.7 %

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