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.
| 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.
| 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 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 34.44 | 31.09 | (9.7 %) |
| Gross Income | 34.44 | 31.09 | (9.7 %) |
| Operating Income | 31.00 | 27.45 | (11.5 %) |
| Net Income | 30.94 | 27.32 | (11.7 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.52 | 0.46 | (11.7 %) |
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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