SAIC’s H1 2024 profit spikes to SAR 217.4M; Q2 at SAR 108.7M

07/07/2024 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit surge to SAR 217.4 million in the first half of 2024, from SAR 72.2 million in the prior-year period. 


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 78.94 240.78 205.0 %
Gross Income 78.94 240.78 205.0 %
Operating Income 73.23 226.35 209.1 %
Net Income 72.23 217.40 201.0 %
Average Shares 60.00 60.00 -
EPS (Riyals) 1.20 3.62 201.0 %

The first-half net earnings were backed by better revenue.

 

On the other hand, SAIC reported an increase in the general and administrative expenses, financing costs and estimated Zakat charges. The company recorded an increase in profits from selling shares in associates as well as higher dividends despite a decrease in net profit from financial assets at fair value (FV) through profit or loss and a lower share in associates’ profits.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 53.59 118.89 121.8 %
Gross Income 53.59 118.89 121.8 %
Operating Income 50.66 114.14 125.3 %
Net Income 50.16 108.67 116.6 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.84 1.81 116.6 %
In the second quarter of 2024, the company’s net profit more than doubled to SAR 108.7 million.
 
SAIC’s bottom line was almost flat, compared to SAR 108.72 million in Q1 2024, as net earnings from financial assets at FV through profit or loss declined. In addition, the company’s share in the associates’ profits decreased.
 
Shareholders’ equity, no minority interest, rose to SAR 1.15 billion as of June 30, 2024, from SAR 950.57 million a year earlier. 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 9.04 12.5 % 9.04 12.5 % 7.51 24.9 % 0.13
Q2 2015 8.15 75.7 % 8.15 75.7 % 7.26 205.0 % 0.12
Q3 2015 2.38 (71.9 %) 2.38 (71.9 %) 1.61 (88.3 %) 0.03
Q4 2015 (0.45) (107.3 %) (0.45) (107.3 %) (15.20) (756.2 %) (0.25)
Q1 2016 (1.93) (121.4 %) (1.93) (121.4 %) (3.75) (149.9 %) (0.06)
Q2 2016 11.74 44.1 % 11.74 44.1 % 9.96 37.2 % 0.17
Q3 2016 4.29 80.1 % 4.29 80.1 % 2.52 55.9 % 0.04
Q4 2016 4.58 1123.9 % 4.58 1123.9 % 2.15 114.1 % 0.04
Q1 2017 4.42 328.7 % 4.42 328.7 % 3.40 190.6 % 0.06
Q2 2017 8.35 (28.9 %) 8.35 (28.9 %) 7.56 (24.1 %) 0.13
Q3 2017 11.65 171.8 % 11.65 171.8 % 9.82 290.5 % 0.16
Q4 2017 10.20 122.8 % 10.20 122.8 % 9.81 356.4 % 0.16
Q1 2018 5.48 24.0 % 5.48 24.0 % 4.16 22.5 % 0.07
Q2 2018 15.71 88.3 % 15.71 88.3 % 14.10 86.5 % 0.23
Q3 2018 12.89 10.6 % 12.89 10.6 % 11.54 17.5 % 0.19
Q4 2018 10.45 2.5 % 10.45 2.5 % 7.13 (27.3 %) 0.12
Q1 2019 6.04 10.2 % 6.04 10.2 % 4.13 (0.8 %) 0.07
Q2 2019 20.08 27.8 % 20.08 27.8 % 16.37 16.1 % 0.27
Q3 2019 13.59 5.4 % 13.59 5.4 % 11.50 (0.4 %) 0.19
Q4 2019 4.68 (55.2 %) 4.68 (55.2 %) (3.45) (148.4 %) (0.06)
Q1 2020 10.72 77.5 % 10.72 77.5 % 8.35 102.3 % 0.14
Q2 2020 6.71 (66.6 %) 6.71 (66.6 %) 4.70 (71.3 %) 0.08
Q3 2020 9.59 (29.4 %) 9.59 (29.4 %) 7.50 (34.8 %) 0.13
Q4 2020 9.75 108.3 % 9.75 108.3 % 5.53 260.2 % 0.09
Q1 2021 19.69 83.6 % 19.69 83.6 % 17.05 104.2 % 0.28
Q2 2021 19.34 188.1 % 19.34 188.1 % 16.79 257.6 % 0.28
Q3 2021 35.88 273.9 % 35.88 273.9 % 31.67 322.3 % 0.53
Q4 2021 26.57 172.6 % 26.57 172.6 % 25.62 363.7 % 0.43
Q1 2022 34.44 75.0 % 34.44 75.0 % 30.94 81.5 % 0.52
Q2 2022 31.09 60.7 % 31.09 60.7 % 27.32 62.7 % 0.46
Q3 2022 25.97 (27.6 %) 25.97 (27.6 %) 22.10 (30.2 %) 0.37
Q4 2022 24.55 (7.6 %) 24.55 (7.6 %) 19.85 (22.5 %) 0.33
Q1 2023 25.35 (26.4 %) 25.35 (26.4 %) 22.07 (28.7 %) 0.37
Q2 2023 53.59 72.4 % 53.59 72.4 % 50.16 83.6 % 0.84
Q3 2023 46.03 77.3 % 46.03 77.3 % 38.94 76.2 % 0.65
Q4 2023 53.64 118.5 % 53.64 118.5 % 36.09 81.8 % 0.60
Q1 2024 121.89 380.8 % 121.89 380.8 % 108.72 392.6 % 1.81
Q2 2024 118.89 121.8 % 118.89 121.8 % 108.67 116.6 % 1.81

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 100.00 % 78.51 % 99.65 %
Q2 2015 100.00 % 80.26 % 101.84 %
Q3 2015 100.00 % 74.64 % 75.64 %
Q4 2015 100.00 % 68.14 % 63.72 %
Q1 2016 100.00 % 26.22 % 11.28 %
Q2 2016 100.00 % 49.67 % 30.82 %
Q3 2016 100.00 % 56.63 % 33.12 %
Q4 2016 100.00 % 68.37 % 58.23 %
Q1 2017 100.00 % 76.76 % 72.00 %
Q2 2017 100.00 % 73.06 % 72.22 %
Q3 2017 100.00 % 79.67 % 79.07 %
Q4 2017 100.00 % 81.19 % 88.35 %
Q1 2018 100.00 % 82.01 % 87.86 %
Q2 2018 100.00 % 84.58 % 88.01 %
Q3 2018 100.00 % 85.48 % 89.43 %
Q4 2018 100.00 % 85.38 % 82.90 %
Q1 2019 100.00 % 84.72 % 81.80 %
Q2 2019 100.00 % 82.12 % 79.17 %
Q3 2019 100.00 % 80.91 % 77.99 %
Q4 2019 100.00 % 78.19 % 75.13 %
Q1 2020 100.00 % 79.20 % 76.57 %
Q2 2020 100.00 % 76.08 % 72.54 %
Q3 2020 100.00 % 73.03 % 69.07 %
Q4 2020 100.00 % 79.41 % 70.89 %
Q1 2021 100.00 % 83.26 % 76.02 %
Q2 2021 100.00 % 86.21 % 80.29 %
Q3 2021 100.00 % 90.23 % 83.92 %
Q4 2021 100.00 % 91.41 % 89.81 %
Q1 2022 100.00 % 91.38 % 90.36 %
Q2 2022 100.00 % 91.01 % 90.29 %
Q3 2022 100.00 % 89.01 % 89.77 %
Q4 2022 100.00 % 88.62 % 86.35 %
Q1 2023 100.00 % 88.26 % 85.40 %
Q2 2023 100.00 % 90.85 % 88.20 %
Q3 2023 100.00 % 90.98 % 87.63 %
Q4 2023 100.00 % 90.08 % 84.63 %
Q1 2024 100.00 % 91.07 % 86.43 %
Q2 2024 100.00 % - 87.04 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 60.00 0.28 0.47 12.92
Q2 2015 60.00 0.51 0.54 13.53
Q3 2015 60.00 0.31 0.32 12.65
Q4 2015 60.00 0.02 0.20 11.62
Q1 2016 60.00 (0.17) 0.02 11.87
Q2 2016 60.00 (0.12) 0.06 12.25
Q3 2016 60.00 (0.11) 0.08 12.22
Q4 2016 60.00 0.18 0.18 12.59
Q1 2017 60.00 0.30 0.30 12.74
Q2 2017 60.00 0.26 0.26 12.74
Q3 2017 60.00 0.38 0.38 12.81
Q4 2017 60.00 0.51 0.51 12.87
Q1 2018 60.00 0.52 0.52 13.64
Q2 2018 60.00 0.63 0.63 13.94
Q3 2018 60.00 0.66 0.66 13.89
Q4 2018 60.00 0.62 0.62 13.12
Q1 2019 60.00 0.61 0.61 13.75
Q2 2019 60.00 0.65 0.65 13.51
Q3 2019 60.00 0.65 0.65 13.14
Q4 2019 60.00 0.48 0.56 13.31
Q1 2020 60.00 0.55 0.63 12.55
Q2 2020 60.00 0.35 0.43 13.25
Q3 2020 60.00 0.28 0.37 13.66
Q4 2020 60.00 0.43 0.43 14.00
Q1 2021 60.00 0.58 0.58 14.66
Q2 2021 60.00 0.78 0.78 14.93
Q3 2021 60.00 1.18 1.18 15.37
Q4 2021 60.00 1.52 1.52 15.56
Q1 2022 60.00 1.75 1.75 16.13
Q2 2022 60.00 1.93 1.93 14.99
Q3 2022 60.00 1.77 1.77 15.14
Q4 2022 60.00 1.67 1.67 15.02
Q1 2023 60.00 1.52 1.52 15.41
Q2 2023 60.00 1.90 1.90 15.84
Q3 2023 60.00 2.18 2.18 16.04
Q4 2023 60.00 2.45 2.52 16.59
Q1 2024 60.00 3.90 3.96 18.40
Q2 2024 60.00 4.87 4.94 19.21

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 54.78 32.47 1.18
Q2 2015 29.51 28.13 1.12
Q3 2015 35.37 34.00 0.87
Q4 2015 More than 100 55.95 0.98
Q1 2016 NEG More than 100 0.72
Q2 2016 NEG More than 100 0.74
Q3 2016 NEG 89.78 0.55
Q4 2016 55.46 55.46 0.80
Q1 2017 37.63 37.63 0.89
Q2 2017 38.35 38.35 0.78
Q3 2017 28.53 28.53 0.85
Q4 2017 22.52 22.52 0.89
Q1 2018 21.63 21.63 0.83
Q2 2018 17.73 17.73 0.80
Q3 2018 15.62 15.62 0.74
Q4 2018 17.54 17.54 0.82
Q1 2019 19.21 19.21 0.86
Q2 2019 15.92 15.92 0.77
Q3 2019 17.24 17.24 0.86
Q4 2019 24.12 20.65 0.86
Q1 2020 17.26 15.05 0.75
Q2 2020 30.70 25.00 0.81
Q3 2020 54.79 42.77 1.14
Q4 2020 36.28 36.28 1.13
Q1 2021 59.23 59.23 2.34
Q2 2021 60.23 60.23 3.15
Q3 2021 36.00 36.00 2.77
Q4 2021 26.08 26.08 2.55
Q1 2022 22.21 22.21 2.41
Q2 2022 15.05 15.05 1.93
Q3 2022 15.68 15.68 1.83
Q4 2022 13.38 13.38 1.49
Q1 2023 15.94 15.94 1.57
Q2 2023 15.29 15.29 1.84
Q3 2023 13.37 13.37 1.82
Q4 2023 11.48 11.18 1.73
Q1 2024 10.34 10.17 2.19
Q2 2024 8.97 8.85 2.27

Business Segments (Million)

Compared With The
Period Services and Invesments sector Glass industry Petrochemical sector Industrial Services Segment ( Energy and Utilities) Finance income on sales
Q1 2015 3.25 - 4.90 - 0.95
Q2 2015 2.60 0.39 3.27 1.62 0.85
Q3 2015 4.93 - - - -
Q4 2015 2.23 - - - -
Q1 2016 - - 3.27 - 0.01
Q2 2016 4.58 - 4.90 3.24 -
Q3 2016 2.73 - - - 0.04
Q4 2016 3.15 1.09 - - 0.09
Q1 2017 3.09 - 4.90 - 0.79
Q2 2017 5.28 - - - 0.03
Q3 2017 3.02 - 4.90 5.06 -
Q4 2017 3.31 5.80 - - 0.03
Q1 2018 3.07 2.41 - - 0.03
Q2 2018 3.21 1.98 - - -
Q3 2018 2.86 4.31 5.72 - -
Q4 2018 3.81 6.64 - - -
Q1 2019 2.85 3.19 - - -
Q2 2019 5.42 3.06 6.54 - 0.02
Q3 2019 5.01 2.85 5.72 - 0.01
Q4 2019 2.70 1.98 - - 0.04
Q1 2020 3.36 1.65 5.72 - -
Q2 2020 8.80 (2.09) - - 0.05
Q3 2020 2.27 3.24 4.09 - 0.02
Q4 2020 5.63 4.12 - - 0.01
Q1 2021 7.38 8.22 4.09 - 0.01
Q2 2021 5.29 14.05 - - 0.05
Q3 2021 6.43 24.54 4.90 - -
Q4 2021 3.91 22.66 - - -
Q1 2022 8.56 20.98 4.90 - -
Q2 2022 5.70 20.49 4.90 - -
Q3 2022 5.66 20.31 - - 0.01
Q4 2022 4.25 9.29 - 11.02 -
Q1 2023 10.92 11.92 2.50 - -
Q2 2023 38.84 9.69 - 5.06 -
Q3 2023 4.02 42.01 - - -
Q1 2024 116.52 5.36 - - 0.01


Financial Ratios
Current
Market Cap (M Riyal) 2,658.00
Enterprise Value (EV) (M) 2,314.62
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 4.87
Book Value (BV) ( Riyal) 19.21
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.97
P/E (TTM) 9.09
Price/book 2.31
Return on Average Assets (%) (TTM) 26.7
Return on Average Equity (%) (TTM) 27.8
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Share Price

Saudi Advanced Industries Co.
44.30
(1.60) (3.49 %)

Saudi Advanced Industries Co. (SAIC)

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