Saudi Advanced Industries Co (SAIC) announces its Annual financial results for the year ended December 31, 2023.
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 180.15 | 116.05 | 55.23 | ||
| Gross Profit (Loss) | 180.15 | 116.05 | 55.23 | ||
| Operational Profit (Loss) | 162.23 | 102.71 | 57.95 | ||
| Net profit (Loss) | 148.8 | 100.21 | 48.49 | ||
| Total Comprehensive Income | 154.89 | 4.8 | 3,126.87 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 995.41 | 901.18 | 10.46 | ||
| Profit (Loss) per Share | 2.52 | 1.7 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason of the increase in revenues during the current year compared to the last year is due to:
• Increase in profits from selling shares in associated companies. • Increase in profit from selling financial assets at fair value through profit or loss. • Increase in unrealized gains from financial assets at fair value through profit or loss. • Increase in dividends earned. in spite of: • Decrease in the company share of associate companies' profits by 71.37% • Realizing a loss from the sale of the company’s share in Al Salam Aerospace Company in the fourth quarter in the amount of 36.95 million riyals |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason of the increase in net profit during the current year compared to the last year is due to:
• Increase in profits from selling shares in associated companies. • Increase in profit from selling financial assets at fair value through profit or loss. • Increase in unrealized gains from financial assets at fair value through profit or loss. • Increase in dividends earned. • Increase in other income. in spite of: • Decrease in the company share of associate companies' profits by 71.37% • Realizing a loss from the sale of the company’s share in Al Salam Aerospace Company in the fourth quarter in the amount of 36.95 million riyals • Increase in financing costs. • Increase in general and administrative expenses • Increase in the zakat expenses. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not applicable |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to be consistent with the classification used for the year ending December 31, 2023. |
| Additional Information | It should be noted that SAIC's exit from its investment in Al Salam resulted in the write-off of the entire book’s value in addition to an additional provision. The result was that the company recorded a loss of (36.95) million riyals in the fourth quarter Its details are as follows: the book value is 19.25 million riyals, the partners’ support is 5.46 million riyals, and the obligations of the selling partners are 12.24 million riyals.
Earnings per share were adjusted due to a company starting to purchase treasury shares based on the approval of the extraordinary general assembly on January 25, 2023, as the company purchased 1 million shares and allocate them as treasury shares
The company's share of the profits (losses) of associate companies amounted to (3.1) million riyals losses during the current quarter, compared to 13.9 million riyals profits during the same quarter of the previous year. While the company's share of the profits (losses) of associate companies amounted to 26.94 million riyals profits during the current year, compared to 94.07 million riyals profits during the previous year, with a decrease of 71%. The company made changes in the investment positions, rebuilt the investment portfolio, and entered into a number of investment opportunities to compensate for the shortfall resulting from the decrease in the profits of associate companies. From these changes, it achieved profits estimated at 71.6 million during the current year. |
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