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.
| 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.
| 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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