Saudi Advanced Industries Company (Advanced) announces the estimated financial results for the period ending on June 30, 2023 AD (six months).
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 56.74 | 31.09 | 82.5 | 25.35 | 123.83 |
| Gross Profit (Loss) | 56.74 | 31.09 | 82.5 | 25.35 | 123.83 |
| Operational Profit (Loss) | 51.04 | 27.45 | 85.94 | 22.57 | 126.14 |
| Net Profit (Loss) after Zakat and Tax | 50.54 | 27.32 | 84.99 | 22.07 | 129 |
| Total Comprehensive Income | 24.03 | -30.81 | - | 23.4 | 2.69 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 82.09 | 65.53 | 25.27 |
| Gross Profit (Loss) | 82.09 | 65.53 | 25.27 |
| Operational Profit (Loss) | 73.61 | 58.45 | 25.94 |
| Net Profit (Loss) after Zakat and Tax | 72.61 | 58.26 | 24.63 |
| Total Comprehensive Income | 47.42 | -0.77 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 951.74 | 899.66 | 5.79 |
| Profit (Loss) per Share | 1.21 | 0.97 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to:
• Increase unrealized gains from financial assets at fair value through profit or loss. • Increased profit realized from financial assets at fair value through profit or loss. • Increase dividends earned. • Lower financing costs.
in spite of:
• Decrease in the company's share of associate companies' profits. • Increase in the estimated zakat. • Decreased other income. • Increase general and administrative expenses quarter compared to the same quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the increase in net profit during the current quarter compared to the previous quarter is due to:
• Increase unrealized gains from financial assets at fair value through profit or loss. • Increased profit realized from financial assets at fair value through profit or loss. • High dividends earned.
in spite of: • Decrease in the company's share of associate companies' profits. • Increase general and administrative expenses. • Decreased other income. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Increase in net profit for current period compared to the similar period of the previous years is due to:
• An increase in unrealized gains from financial assets at fair value through profit or loss. • Increased profit realized from financial assets at fair value through profit or loss. • Lower financing costs.
in spite of:
• Decrease in the company's share of associate companies' profits. • Low dividends earned. • Increase in the estimated zakat. • Decreased other income. • Increase general and administrative expenses. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | These estimated financial results for the period ended June 30, 2023, are prepared by the management of the Company and have not yet been reviewed by the external auditor. |
| Reclassification of Comparison Items | there is no |
| Additional Information | Total shareholder equity (no minority interest) as at the end of the current period is 951.74 million riyals compared to 899.66 million riyals as at the end of the same period of the previous year, an increase of 5.78%
The total comprehensive income for the current quarter amounted to 24.02 million riyals, compared to the total comprehensive income for the corresponding quarter of 30.81 million riyals, and compared to the previous quarter of 23.4 million riyals.
The company's share of the profits of associate companies amounted to 11.48 million riyals during the current quarter, compared to 24.94 million riyals during the same quarter of the previous year, a decrease of 53.97%.
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 40 million riyals during the current period, compared to profits amounting to about 9 million riyals during the first quarter of the year. 2023 AD |
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