Saudi Advanced Industries reports 250% profit jump in 2021

Saudi Advanced Industries Co. said that is profit after zakat and tax jumped 250% to SR 91 million in 2021 from SR 26 million in 2020.

Based on financial result statement published on Tadawul, operational profit last year leaped 218% to SR 93 million compared with SR 29 million the year before.

Gross profits of the company surged 176% to SR 101 million in 2021 from SR 37 million in 2020, while profit per share (EPS) rose to SR 1.82 in 2021 from SR 0.52 in 2020.

The jump in profits was spurred by higher company shares from subsidiaries profits despite the decline of dividends distribution, and decrease in Zakat expenses and financial costs, although there is increase in general and administrative expenses, and drop in other revenues during current year compared with the previous year.