Financial Results : SAIC posts 72% rise in H1 2022 profit to SAR 58.3 mln, Q2 at SAR 27.3 million

SAIC posts 72% rise in H1 2022 profit to SAR 58.3 mln, Q2 at SAR 27.3 million

21/08/2022 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) posted a 72% jump in net profit after Zakat and tax to SAR 58.3 million in H1 2022, from SAR 33.8 million in the year-earlier period.

 

The company cited higher revenue, an increase in its profit share from associates and dividend distributions, along with lower estimated Zakat expenses.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 39.03 65.53 67.9 %
Gross Income 39.03 65.53 67.9 %
Operating Income 34.72 58.45 68.4 %
Net Income 33.84 58.26 72.2 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.56 0.97 72.2 %

The profit leap came despite a rise in general and administrative expenses (G&A), and a decline in other revenue.

 

In Q2 2022, net profit after Zakat and tax climbed 63% to SAR 27.3 million, from SAR 16.79 million in Q2 2021, backed by higher revenue and increased profit share from associates.

 

On a quarterly basis, SAIC’s net profit dropped 11.7% from SAR 30.94 million on lower revenue and a decline in the company’s profit share from associates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 19.34 31.09 60.7 %
Gross Income 19.34 31.09 60.7 %
Operating Income 17.17 27.45 59.8 %
Net Income 16.79 27.32 62.7 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.28 0.46 62.7 %

Total shareholders’ equity, after minority interest, rose to SAR 899.66 million as of June 30, 2022, from SAR 895.78 million a year earlier.

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