Saudi Advanced Industries Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
- Date : 2023-08-10
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 53.59 | 31.09 | 72.37 | 25.35 | 111.4 |
| Gross Profit (Loss) | 53.59 | 31.09 | 72.37 | 25.35 | 111.4 |
| Operational Profit (Loss) | 50.66 | 27.45 | 84.55 | 22.57 | 124.46 |
| Net Profit (Loss) after Zakat and Tax | 50.16 | 27.32 | 83.6 | 22.07 | 127.28 |
| Total Comprehensive Income | 55.99 | -30.81 | – | 23.4 | 139.27 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar Period For Previous Year | %Change |
|---|---|---|---|
| Sales/Revenue | 78.94 | 65.53 | 20.46 |
| Gross Profit (Loss) | 78.94 | 65.53 | 20.46 |
| Operational Profit (Loss) | 73.23 | 58.45 | 25.29 |
| Net Profit (Loss) after Zakat and Tax | 72.23 | 58.26 | 23.98 |
| Total Comprehensive Income | 79.38 | -0.77 | – |
| Total Share Holders Equity (after Deducting Minority Equity) | 950.57 | 899.66 | 5.66 |
| Profit (Loss) per Share | 1.2 | 0.97 | |
| 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 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 unrealized gains from financial assets at fair value through profit or loss. • Increase in profit realized from financial assets at fair value through profit or loss. • Increase in dividends earned. • Decrease in financing costs. • Decrease in general and administrative expenses in spite of: • Decrease in the company’s share of associate companies’ profits. • Increase in the zakat expenses. • Decrease in other income. |
| 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 reason for the increase in net profit during the current quarter compared to the previous quarter is due to:
• Increase in unrealized gains from financial assets at fair value through profit or loss. • Increase in profit realized from financial assets at fair value through profit or loss. • Increase in dividends earned. in spite of: • Decrease in the company’s share of associate companies’ profits. • Increase in general and administrative expenses. • Decrease in other income. |
| 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 for the current period compared to the similar period of the previous years is due to:
• Increase in unrealized gains from financial assets at fair value through profit or loss. • Increase in profit realized from financial assets at fair value through profit or loss. • Decrease in financing costs. • Decrease in general and administrative expenses. in spite of: • Decrease in the company’s share of associate companies’ profits. • Decrease in dividends earned. • Increase in the zakat expenses. • Decrease in other income. |
| 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 change in actual company results compared to estimated results is due to the following:
– Receiving audited financial statements for associate companies showing that financial results are lower than expected. – Actual general and administrative expenses are lower than expected because of the change in recognition of certain accrued administrative and general expenses. – Other comprehensive income increases due to the exclusion of valuation of financial assets because of sales of the financial assets during the period resulting in an increase in change in the fair value reserve for the period.
The company’s share of the profits of associate companies amounted to 8.33 million riyals during the current quarter, compared to 24.94 million riyals during the same quarter of the previous year, a decrease of 66.60%.
The company made changes in the investment positions, rebuilt the investment portfolio, and entered several investment opportunities to compensate for the shortfall resulting from the decrease in the profits of associate companies. From these changes, it achieved profits estimated at 40 million riyals during the current period, compared to 9 million riyals profits during the first quarter of the year. 2023 |