Saudi Advanced Industries Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
- Date : 2024-05-15
| Element List | Current Quarter | Similar Quarter For Previous Year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 121.89 | 25.35 | 380.828 | 53.64 | 127.237 |
| Gross Profit (Loss) | 121.89 | 25.35 | 380.828 | 53.64 | 127.237 |
| Operational Profit (Loss) | 112.21 | 22.57 | 397.164 | 46.61 | 140.742 |
| 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) | 1,103.81 | 924.58 | 19.385 |
| 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 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 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 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) | 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 audited financial statements for associate companies showing that financial results are lower than expected. -The actual zakat expense is lower than the estimated.
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 or 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 1205%, 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 2.38 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 (83%), and compared to (3.06) million riyals losses during 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 allocate them as treasury shares. |