Saudi Advanced Industries Company “SAIC” (2120) achieved strong results in the second quarter of the current year, seeing its net profit leap almost 117% YoY to SAR 109 million.
Excellence
SAIC’s considerable profits came due to revenue growth.
This is despite increased general and administrative expenses, financing costs, and estimated Zakat.
So What
Quarterly revenues increased by about 122% YoY, reaching SAR 119 million
This was due to SAIC’s elevated profits from selling a stake in affiliate companies, as well as dividend distributions.
The company received about SAR 5 million from The Industrialization & Energy Services “Taqa” last May, as a cash dividend distribution for the fiscal year 2023.
SAIC currently holds 2.35% of Taqa’s capital.
Some Context
The company’s net profits rose during the first half of the current year to SAR 217.4 million.
This is compared to approximately SAR 72.2 million in the same period last year.
SAIC is known for owning, managing, and developing a diverse range of industrial projects in various sectors, including the chemicals, plastics, food, and mining industries.
