SAIC net profit rises over twofold to SAR 33.8 mln in H1 2021

11/08/2021 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit after Zakat and tax of SAR 33.8 million for the first half of 2021, a surge of over twofold from SAR 13.1 million a year earlier.

The company reported higher revenue, amid an increase in its profit share from subsidiaries and other revenue along with a decline in finance costs.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	17.44	39.03	123.8 %
Gross Income	17.44	39.03	123.8 %
Operating Income	13.63	34.72	154.7 %
Net Income	13.05	33.84	159.4 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.22	0.56	159.4 %

In Q2 2021, net profit after Zakat and tax more than tripled year-on-year (YoY) to SAR 16.8 million, backed by higher revenue, an increase in the company’s profit share from subsidiaries and other revenue as well as lower finance costs.

When compared to the previous quarter, the company’s net profit after Zakat and tax edged down 1.5% from SAR 17.05 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	6.71	19.34	188.1 %
Gross Income	6.71	19.34	188.1 %
Operating Income	4.95	17.17	246.9 %
Net Income	4.70	16.79	257.6 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.08	0.28	257.6 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	19.69	19.34	(1.7 %)
Gross Income	19.69	19.34	(1.7 %)
Operating Income	17.54	17.17	(2.1 %)
Net Income	17.05	16.79	(1.5 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.28	0.28	(1.5 %)

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