Saudi Advanced profits jump 81% to SR31 mln

Saudi Advanced Industries Co. announced that its profits after zakat and tax jumped 81% to SR 31 million in the first quarter of 2022 compared to 17 million during the same period of 2021.

This came after Advanced announcement on Thursday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit soared 77% to SR 31 million in the 1^st quarter of the current year from SR 17 million in the same period of the previous year.

Gross profit of Advanced Industries climbed 75% to SR 34 million in the first quarter of this year from SR 20 million a year ago, while the profit per share advanced to SR 0.62 from SR 0.34.

The Increase in net profit for current quarter compared to the same quarter of the previous year is due to:

Increase in revenues due to increase in company shares from subsidiaries profits and increase in dividends distribution, and there is decrease in zakat expenses, although there is increase in general and administrative expenses and decrease in other income during current quarter compared to the same quarter of the previous year.

The Increase in net profit for current quarter compared to the previous quarter is due to:

Increase in revenues due to increase in company shares from subsidiaries profits and increase in dividends distribution and, although there is increase in general and administrative expenses and increase in zakat expenses and decrease in other income during current quarter compared to the previous quarter.

Additional Information:

Total shareholders ‘ equity (no minority interest) as at the end of current quarter amount 967.97 million compared to amount 879.35 million at the end of the same quarter of the previous year, with an increase of 10.08%.