Saudi Advanced Industries Co.’s (SAIC) net profit after Zakat and tax registered a nearly four-fold rise to SAR 91.1 million in 2021, compared to SAR 26.1 million in 2020.
The higher profit was due to an annual rise in profit shares from subsidiaries despite a fall in dividend distribution, as well as a reduction in Zakat expenses and financial costs. However, the firm reported an increase in general and administrative expenses and a decline in other revenues year-on-year (YoY).
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 36.78 | 101.48 | 175.9 % |
| Gross Income | 36.78 | 101.48 | 175.9 % |
| Operating Income | 29.07 | 92.58 | 218.5 % |
| Net Income | 26.07 | 91.13 | 249.6 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.43 | 1.52 | 249.6 % |
The company’s Q4 2021 net profit after Zakat and tax rose to SAR 25.6 million from SAR 5.5 million in the same period last year.
Sequentially, net profit fell 19.1% from SAR 31.67 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 9.75 | 26.57 | 172.6 % |
| Gross Income | 9.75 | 26.57 | 172.6 % |
| Operating Income | 7.66 | 24.03 | 213.9 % |
| Net Income | 5.53 | 25.62 | 363.7 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.09 | 0.43 | 363.7 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 35.88 | 26.57 | (25.9 %) |
| Gross Income | 35.88 | 26.57 | (25.9 %) |
| Operating Income | 33.83 | 24.03 | (29.0 %) |
| Net Income | 31.67 | 25.62 | (19.1 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.53 | 0.43 | (19.1 %) |
Total shareholders’ equity, excluding minority interest, rose 11.69% YoY to SAR 937.94 million.
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