SAIC net profit rises over threefold to SAR 65.5 mln in 9M 2021

27/10/2021 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit after Zakat and tax of SAR 65.5 million for the first nine months of 2021, a surge of over threefold from SAR 20.6 million a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	27.03	74.90	177.1 %
Gross Income	27.03	74.90	177.1 %
Operating Income	21.41	68.55	220.1 %
Net Income	20.55	65.51	218.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.34	1.09	218.9 %

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

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	9.59	35.88	273.9 %
Gross Income	9.59	35.88	273.9 %
Operating Income	7.78	33.83	334.7 %
Net Income	7.50	31.67	322.3 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.13	0.53	322.3 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	19.34	35.88	85.5 %
Gross Income	19.34	35.88	85.5 %
Operating Income	17.17	33.83	97.0 %
Net Income	16.79	31.67	88.6 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.28	0.53	88.6 %

In Q3 2021, net profit after Zakat and tax more than quadrupled to SAR 31.7 million from SAR 7.50 million a year earlier, backed by a rise in revenue and lower finance costs.

When compared to the previous quarter, net profit soared by 88.6% from SAR 16.8 million.

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