Financial Results : SAIC 2024 net profit soars 98% to SAR 295.1M; Q4 at SAR 9.9M

SAIC 2024 net profit soars 98% to SAR 295.1M; Q4 at SAR 9.9M

26/03/2025 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit of SAR 295.1 million in 2024, a 98% surge from SAR 148.8 million in 2023.


Financials (M)

Item 2023 2024 Change‬
Revenues 180.16 342.44 90.1 %
Gross Income 180.16 342.44 90.1 %
Operating Income 162.23 315.56 94.5 %
Net Income 148.80 295.06 98.3 %
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) 2.54 4.92 93.2 %
EPS (Riyals) 2.48 4.92 98.3 %

This was driven by an increase in revenue due to higher profits from selling shares in associated companies and selling financial assets at fair value through profit or loss.

 

Meanwhile, the company noted higher financing costs, increased general and administrative expenses and an increase in the Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 55.18 19.25 (65.1 %)
Gross Income 55.18 19.25 (65.1 %)
Operating Income 48.14 14.26 (70.4 %)
Net Income 37.63 9.88 (73.7 %)
Average Shares 60.00 60.00 -
Earnings Per Share before unusual items (Riyals) 0.69 0.16 (76.2 %)
EPS (Riyals) 0.63 0.16 (73.7 %)
Q4 2024 net earnings stood at SAR 9.9 million, a 74% slump from SAR 37.63 million in Q4 2023.
 
Sequentially, the bottom line dropped 85.5% from SAR 67.9 million in Q3 2024.
 
Total shareholders’ equity, no minority interest, stood at SAR 1.23 billion by Dec. 31, 2024, compared to SAR 995.41 million a year earlier.

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