Saudi Advanced Industries Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
- Date : 2023-03-27
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 116.05 | 101.48 | 14.36 | ||
| Gross Profit (Loss) | 116.05 | 101.48 | 14.36 | ||
| Operational Profit (Loss) | 102.71 | 92.58 | 10.94 | ||
| Net Profit (Loss) after Zakat and Tax | 100.21 | 91.13 | 9.96 | ||
| Total Comprehensive Income | 4.8 | 110.94 | -95.67 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 901.18 | 933.88 | -3.5 | ||
| Profit (Loss) per Share | 2 | 1.82 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reasons for the Increase in the net profit for the current year compared with the previous year are:
Increase in revenue due to increase in company shares from subsidiaries profits and increase in dividends distribution and increase in unrealized gain from financial assets at FVPL, although there is Increase in general and administrative expenses and increase financial costs and zakat expenses and decrease in other revenues during current year compared with the previous year |
| Statement of the type of external auditor’s report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | there is no |
| Reclassification of Comparison Items | Certain comparative figures for the previous year have been reclassified to conform with the presentation used for the current year |
| Additional Information | – adjustments of previous years: Investments in associate companies (Deutsche Gulf Finance) were reduced by 4,056,306 Saudi riyals, The reason for this is due to the non-recording of zakat amendments, amendments to other comprehensive income, and amendments to previous years. For more information refer to Note 27 attached to the annual financial statements for the year 2022
– Earnings per share were calculated based on 50 million shares as of December 31, 2022, when the capital was increased to become 60 million shares, after the approval from Extraordinary General Assembly on January 25, 2023. – Despite the decrease in the profits of associate companies by 59% in the fourth quarter of 2022, the management is working to compensate for this decline by searching for investment opportunities and rebuilding investment centers |