SAIC profit up 10% to SAR 100.2 mln in 2022; Q4 down 23% to SAR 19.9 mln

27/03/2023 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit of SAR 100.2 million for 2022, a 10% rise from SAR 91.1 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	101.48	116.05	14.4 %
Gross Income	101.48	116.05	14.4 %
Operating Income	92.58	102.71	10.9 %
Net Income	91.13	100.21	10.0 %
Average Shares	60.00	60.00	-
EPS (Riyals)	1.52	1.67	10.0 %

The company’s net profit was lifted by higher profit share from associates. SAIC also reported an increase in dividend distributions and unrealized gains from financial assets at fair value through profit and loss (FVPL).

On the other hand, general and administrative expenses, finance costs and Zakat expenses increased. SAIC also recorded a decrease in other revenues during the 12-month period.

The fourth-quarter net profit dropped 23% to SAR 19.9 million, from SAR 25.62 million in Q4 2021.

Compared to Q3 2022, net profit decreased by 10.2% from SAR 22.10 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	26.57	24.55	(7.6 %)
Gross Income	26.57	24.55	(7.6 %)
Operating Income	24.03	21.79	(9.3 %)
Net Income	25.62	19.85	(22.5 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.43	0.33	(22.5 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	25.97	24.55	(5.4 %)
Gross Income	25.97	24.55	(5.4 %)
Operating Income	22.46	21.79	(3.0 %)
Net Income	22.10	19.85	(10.2 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.37	0.33	(10.2 %)

Shareholders’ equity, no minority interest, reached SAR 901.18 million as of Dec. 31, 2022, down from SAR 933.88 million a year earlier.

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