Saudi Advanced Industries Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
- Date : 2023-05-17
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 25.35 | 34.44 | -26.39 | 24.55 | 3.26 |
| Gross Profit (Loss) | 25.35 | 34.44 | -26.39 | 24.55 | 3.26 |
| Operational Profit (Loss) | 22.57 | 31 | -27.19 | 21.79 | 3.58 |
| Net Profit (Loss) after Zakat and Tax | 22.07 | 30.94 | -28.67 | 19.85 | 11.18 |
| Total Comprehensive Income | 23.4 | 30.04 | -22.1 | -3.35 | – |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 924.58 | 967.97 | -4.48 |
| Profit (Loss) per Share | 0.37 | 0.52 | |
| 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 decrease in net profit for the current quarter compared to the same quarter of the previous year is due to:
• decrease in share of net profit of associate. • decrease in dividends. • increase in the zakat expenses. even though: • increase in realized gain from financial assets at FVPL. • increase in unrealized gain from financial assets at FVPL. • decrease in general and administrative expenses. |
| 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 Increase in net profit for the current quarter compared to the previous quarter is due to:
• increase in dividends. • increase in realized gain from financial assets at FVPL. • decrease in the zakat expenses. even though: • decrease in share of net profit of associate. • decrease in unrealized gain from financial assets at FVPL. • increase in 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 | there is no |
| Reclassification of Comparison Items | there is no |
| Additional Information | – The company share of net profit of associates amounted to 13.6 million SR during the current quarter compared to 29.3 million SR during the same quarter of the previous year, with a decrease of 54%.
– Earnings per share were adjusted after the Company capital increase was approved by the Extraordinary General Assembly which took place on January 25, 2023.
-The company made changes in the investment centers, rebuilt the investment portfolio, and entered several investment opportunities to compensate for the shortfall resulting from the decrease in net profit of associates. These changes generated profits estimated at 9 million riyals during the first quarter of the year 2023. |