SAIC 2021 net profit surges to SAR 91.1 mln; Q4 rises to SAR 25.6 mln

13/03/2022 Argaam Exclusive

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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).

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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