‎“SAIC” profits increased to SR39 million during Q3, by 76%‎

The net profit after zakat and tax for the Saudi Advanced Industries Company (Advanced) grew to 39 million riyals during the third quarter, compared to 22 million riyals in the same quarter of last year, by 76%. This came after today’s announcement of the preliminary financial results for the period ending on September 30, 2023 (9 months).

Operating profit reached 41 million riyals in the third quarter, compared to 22.5 million riyals in the same quarter of the previous year, an increase of 82%.

Net profit after zakat and tax in the 9-month period amounted to 111 million riyals, compared to 80 million riyals in the same period last year, an increase of 38%.

Earnings per share in the current period amounted to 1.88 riyals, compared to 1.36 riyals in the same period last year.

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to the following reasons:

‎• Increase in profits achieved from the sale of a stake in associated companies

• Increase in profits realized from selling financial assets at fair value through profit or loss.
• High dividends earned

Although:

‎• A decrease in the company’s share of the profits of associated companies

• High unrealized losses on financial assets at fair value through profit or loss.
• High financing costs

‎• Increase in general and administrative expenses

• Increase in estimated zakat
• Decrease in other revenues

The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to the following reasons:

• High unrealized losses on financial assets at fair value through profit or loss.
• Decrease in profits realized from selling financial assets at fair value through profit or loss.
• Decrease in dividends earned

‎• A decrease in the company’s share of the profits of associated companies

‎• Increase in general and administrative expenses

• High financing costs

Although:

‎• Increase in profits achieved from the sale of a stake in associated companies

• Increase in other revenues

The reason for the increase in net profit during the current period compared to the similar period of the previous year is due to the following reasons:

‎• Increase in profits achieved from the sale of a stake in associated companies

• Increase in profits realized from selling financial assets at fair value through profit or loss.
• Increase in unrealized profits from financial assets at fair value through profit or loss.
• High dividends earned

Although:

‎• A decrease in the company’s share of the profits of associated companies

• High financing costs

‎• Increase in general and administrative expenses

• Increase in estimated zakat
• Decrease in other revenues

The company transferred 1 million shares of Obeikan Glass Company shares to Perpetual Growth United Investment Company (a subsidiary) with the aim of strengthening the financial position of the subsidiary and achieving the desired investment objectives. This transfer did not result in any financial impact.

Earnings per share were adjusted due to the company starting to purchase treasury shares based on the approval of the extraordinary general assembly on January 25, 2023, where the company purchased 872,257 shares of treasury shares.

The company’s share of the profits of associate companies amounted to 8.07 million riyals during the current quarter, compared to 26 million riyals during the same quarter of the previous year, a decrease of 69%.

​