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SAIC’s net profit leaps 48% YoY in 2023; dividends proposed

SAIC’s net profit leaps 48% YoY in 2023; dividends proposed
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-2.34% 43.80 -1.05

Riyadh – Mubasher: The net profit of Saudi Advanced Industries Company (SAIC) jumped 48.49% year-on-year (YoY) to SAR 148.80 million in 2023 from SAR 100.21 million.

Revenues soared 55.23% YoY to SAR 180.15 million last year from SAR 116.05 million, according to the annual financial results.

The earnings per share (EPS) reached SAR 2.52 in the 12-month period that ended on 31 December 2023 from SAR 1.70 in the comparative period the year before.


Saudi Advanced Industries’ board has recommended the disbursement of SAR 44.25 million, or SAR 0.75 per share, in cash dividends for 2023.

The board also proposed the distribution of 300,000 shares in its subsidiary Obeikan Glass Company to shareholders.

The proposal aims to maximise the investment value for shareholders and fulfil the liquidity condition for Obeikan Glass to transition from the parallel market (Nomu) to the main market (TASI).

It is worth noting that SAIC logged net profits after Zakat and tax of SAR 111.17 million in the first nine months (9M) of 2023, a 38.34% YoY jump from SAR 80.36 million.