SAIC net profit rises 23% to SAR 80.4 mln in 9M 2022; Q3 down to SAR 22.1 mln

06/11/2022 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit after Zakat and tax of SAR 80.4 million in the first nine months of 2022, a 23% surge from SAR 65.5 million in the year-ago period.

The profit hike was driven by a rise in revenue due to higher company shares from subsidiaries’ profits, improved dividend distribution and lower Zakat expenses. This was partially offset by an increase in general and administrative (G&A) expenses and financing costs (FC) as well as a decrease in other revenue.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	74.90	91.49	22.1 %
Gross Income	74.90	91.49	22.1 %
Operating Income	68.55	80.91	18.0 %
Net Income	65.51	80.36	22.7 %
Average Shares	60.00	60.00	-
EPS (Riyals)	1.09	1.34	22.7 %

In Q3 2022, net profit after Zakat and tax saw a 30% decline to SAR 22.1 million, from SAR 31.7 million in the year before.

The profit drop was attributed to lower share from subsidiaries’ profits, lower dividend distribution and higher (G&A) expenses and FC.

Sequentially, the company’s net profit fell 19% from SAR 27.3 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	35.88	25.97	(27.6 %)
Gross Income	35.88	25.97	(27.6 %)
Operating Income	33.83	22.46	(33.6 %)
Net Income	31.67	22.10	(30.2 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.53	0.37	(30.2 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	31.09	25.97	(16.5 %)
Gross Income	31.09	25.97	(16.5 %)
Operating Income	27.45	22.46	(18.2 %)
Net Income	27.32	22.10	(19.1 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.46	0.37	(19.1 %)

Shareholders’ equity, excluding minority interest, reached SAR 908.59 million as of Sept. 30, 2022, from SAR 922.02 million in the year-earlier period.

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