SAIC net profit up to SAR 149M in 2023; Q4 at SAR 38M

17/03/2024 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit of SAR 149 million for 2023, compared to SAR 100.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	116.05	180.16	55.2 %
Gross Income	116.05	180.16	55.2 %
Operating Income	102.71	162.23	58.0 %
Net Income	100.21	148.80	48.5 %
Average Shares	60.00	60.00	-
EPS (Riyals)	1.67	2.48	48.5 %

This was propelled by higher profit from selling shares in associates and selling financial assets at fair value. The company also cited unrealized gains from financial assets at fair value, increased dividends earned, and higher other income.

This came despite losses from selling the company’s share in Al Salam Aerospace Co. in Q4, higher financing costs, increased general, administrative and Zakat expenses.

Q4 2023 net profit increased 89.6% year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in the prior-year period.

On a quarterly basis, net profit fell 3.4% from SAR 38.94 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	24.55	53.64	118.5 %
Gross Income	24.55	53.64	118.5 %
Operating Income	21.79	46.61	113.9 %
Net Income	19.85	36.09	81.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.33	0.60	81.8 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	46.03	53.64	16.5 %
Gross Income	46.03	53.64	16.5 %
Operating Income	40.86	46.61	14.1 %
Net Income	38.94	36.09	(7.3 %)
Average Shares	59.00	60.00	1.7 %
EPS (Riyals)	0.66	0.60	(8.9 %)

Total shareholders’ equity, no minority interest, stood at SAR 995.41 million by Dec. 31, 2023, compared to SAR 901.18 million a year earlier.

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