Financial Results : SAIC’s Q1 2023 profit falls 29% to SAR 22.1 mln

SAIC’s Q1 2023 profit falls 29% to SAR 22.1 mln

17/05/2023 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a 29% drop in Q1 2023 net profit to SAR 22.1 million, from SAR 30.9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 34.44 25.35 (26.4 %)
Gross Income 34.44 25.35 (26.4 %)
Operating Income 31.00 22.57 (27.2 %)
Net Income 30.94 22.07 (28.7 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.52 0.37 (28.7 %)

The lower profit was attributed to a decrease in the company’s profit share from associates and dividends, along with higher Zakat expenses.

 

On the other hand, SAIC reported an increase in unrealized gains from financial assets and realized gains from financial assets at fair value through profit and loss (FVPL).

 

The company reported a decline in general and administrative expenses.

 

Compared to Q4 2022, net profit jumped 11.2% from SAR 19.85 million, backed by higher dividends and realized gains from financial assets at FVPL. This is along with lower estimated Zakat.  

 

Shareholders’ equity, no minority interest, decreased to SAR 924.58 million by March 31, 2023, from SAR 967.97 million in the year-earlier period. 

 

 

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