Saudi Advanced Industries Company (Advanced) announces the estimated financial results for the Period Ending on 2024-03-31 ( Three Months )
- Date : 2024-04-16
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 122.98 | 25.35 | 385.128 | 53.64 | 129.269 |
| Gross Profit (Loss) | 122.98 | 25.35 | 385.128 | 53.64 | 129.269 |
| Operational Profit (Loss) | 113.45 | 22.57 | 402.658 | 46.61 | 143.402 |
| Net profit (Loss) | 108.72 | 22.07 | 392.614 | 36.09 | 201.246 |
| Total Comprehensive Income | 108.4 | 23.4 | 363.247 | 34.91 | 210.512 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,103.8 | 924.58 | 19.383 |
| Profit (Loss) per Share | 1.84 | 0.37 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage Of The Capital (%) | Amount | |
|---|---|---|---|
| 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 quarter compared to the same quarter of the last year is | The reason for the increase in revenue during the current quarter compared to the same quarter of the previous year is mainly due to the increase in profit from financial assets at fair value through profit or loss, in spite of a decrease in the company share of associate companies’ profits. |
| 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 mainly due to the increase in profit from financial assets at fair value through profit or loss, in spite of a decrease in the company share of associate companies’ profits and increase in financing costs and increase in general and administrative expenses and increase in zakat expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the increase in revenue during the current quarter compared to the previous quarter is mainly due to the increase in profit from financial assets at fair value through profit or loss and increase in the company share of associate companies’ profits. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the increase in net profit during the current quarter compared to the previous quarter is mainly due to the increase in profit from financial assets at fair value through profit or loss and increase in the company share of associate companies’ profits and decrease in financing costs and decrease in zakat expenses, in spite of an increase in general and administrative expenses. |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| 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) | These estimated financial results for the period ended on march 31, 2024, 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 | The company made several changes in investment positions and entered into new investment opportunities, which led to achieving profits from financial assets at fair value through profits and losses of 117.5 million riyals during the current quarter compared to 9 million riyals during the same quarter of the previous year with an increase of 1,205 %, compared to 55.9 million riyals during the previous quarter with an increase of 110%.
Although the company’s share of the profits (losses) of its associates amounted to 3.47 million riyals profits during the current quarter, compared to 13.6 million riyals profits during the same quarter of the previous year with a decrease of (74%), and compared to (3.06) million riyals losses during the previous quarter.
The company is constantly working to re-examine its investment positions in line with its strategic plans in order to achieve the best possible results.
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 allocated them as treasury shares |