Financial Results : SAIC net profit surges 82% to SAR 30.9 mln in Q1 2022

SAIC net profit surges 82% to SAR 30.9 mln in Q1 2022

12/05/2022 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit after Zakat and tax of SAR 30.9 million in Q1 2022, an increase of 82%, compared to SAR 17.1 million in the year-earlier period.   



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 19.69 34.44 75.0 %
Gross Income 19.69 34.44 75.0 %
Operating Income 17.54 31.00 76.7 %
Net Income 17.05 30.94 81.5 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.28 0.52 81.5 %

The company cited higher revenue, an increase in profit share from subsidiaries, and lower Zakat expenses.  

 

On a sequential basis, net profit rose 20.8% from SAR 25.62 million in Q4 2021.  

 

Total shareholders’ equity, excluding minority interest, grew 10.1% year-on-year (YoY) to SAR 967.97 million in Q1 2022. 

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