Saudi Advanced Industries Co. announces its Interim Financial Results for the Period Ending on 30 June 2024 ( Six Months )
- Date : 2024-08-06
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 119.6 | 53.59 | 123.175 | 121.89 | -1.878 |
| Gross Profit (Loss) | 119.6 | 53.59 | 123.175 | 121.89 | -1.878 |
| Operational Profit (Loss) | 114.85 | 50.66 | 126.707 | 112.21 | 2.352 |
| Net profit (Loss) | 108.52 | 50.16 | 116.347 | 108.72 | -0.183 |
| Total Comprehensive Income | 107.93 | 55.99 | 92.766 | 108.4 | -0.433 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 241.49 | 78.94 | 205.915 |
| Gross Profit (Loss) | 241.49 | 78.94 | 205.915 |
| Operational Profit (Loss) | 227.06 | 73.23 | 210.064 |
| Net profit (Loss) | 217.24 | 72.23 | 200.761 |
| Total Comprehensive Income | 216.32 | 79.38 | 172.511 |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,152.73 | 950.57 | 21.267 |
| Profit (Loss) per Share | 3.68 | 1.22 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| 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 due to increase in profits from selling shares in associated companies and increase in dividends earned, in spite of decrease in net profit from financial assets at fair value through profit or loss and decrease in 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 due to increase in revenue , in spite of increase in general and administrative expenses and increase in financing costs 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 decrease in revenue during the current quarter compared to the previous quarter is due to decrease in net profit from financial assets at fair value through profit or loss , in spite of increase in company share of associate companies’ profits and increase in profits from selling shares in associated companies and increase in dividends earned. |
| 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 decrease in net profit during the current quarter compared to the previous quarter is due to decrease in revenue and increase in zakat expenses, in spite of decrease in general and administrative expenses |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reason for the increase in revenue during the current period compared to the same period of the previous year is due to increase in net profit from financial assets at fair value through profit or loss and increase in profits from selling shares in associated companies , in spite of decrease in dividends earned and decrease in company share of associate companies’ profits. |
| 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 reason for the increase in net profit during the current period compared to the same period of the previous year is due to increase in revenue, in spite of increase in general and administrative expenses and increase in financing costs and increase in zakat 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) | there is no |
| Reclassification of Comparison Items | Some comparative figures have been reclassified to be consistent with the classification used for the current financial statements. |
| Additional Information | The change in actual company results compared to estimated results is due to the following:
– receiving financial statements for associate companies showing that financial results are higher than expected. – the actual zakat expense is higher than the estimated in accordance with the new zakat regulations.
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 140.94 million riyals during the current period compared to 48.18 million riyals during the same period of the previous year with an increase of 193%.
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 allocate them as treasury shares. |