SAIC’s 9M 2024 profit jumps to SAR 285.5M; Q3 at SAR 68.3M

13/10/2024 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit surge to SAR 285.5 million in the first nine months of 2024, from SAR 111.2 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	124.97	322.26	157.9 %
Gross Income	124.97	322.26	157.9 %
Operating Income	114.09	300.36	163.3 %
Net Income	111.17	285.53	156.8 %
Average Shares	59.00	59.00	-
EPS (Riyals)	1.88	4.84	156.8 %

The nine-month net earnings were driven by better revenue despite increased general and administrative expenses (G&A), financing costs, and estimated Zakat expenses.

SAIC recorded an increase in net profits from financial assets at fair value (FV) through profit or loss and higher profits from selling shares in associates despite lower dividends and a decline in the company’s share in profits of associates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	46.03	80.77	75.5 %
Gross Income	46.03	80.77	75.5 %
Operating Income	40.86	73.31	79.4 %
Net Income	38.94	68.29	75.4 %
Average Shares	59.00	59.00	-
EPS (Riyals)	0.66	1.16	75.4 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	119.60	80.77	(32.5 %)
Gross Income	119.60	80.77	(32.5 %)
Operating Income	114.85	73.31	(36.2 %)
Net Income	108.52	68.29	(37.1 %)
Average Shares	59.00	59.00	-
EPS (Riyals)	1.84	1.16	(37.1 %)

In the third quarter of 2024, the company’s net profit leapt 75% year-on-year (YoY) to SAR 68.3 million, thanks to higher revenue backed by improved net profits from financial assets at FV.

On a quarterly basis, SAIC’s bottom line dropped 37.1%, compared to SAR 108.5 million in Q2 2024. The company reported a decline in revenue, as well as higher G&A and financing costs. Additionally, its profit share from associates declined.

Shareholders’ equity, after minority interest, rose to SAR 1.22 billion as of Sept. 30, 2024, from SAR 962.45 million a year earlier.

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