Saudi Advanced Industries Co. (SAIC) reported a 36% slump year-on-year (YoY) in H1 2020 net profit after Zakat and tax to SAR 13.1 million.
The profit decline was attributed to lower revenue, due to a decrease in company’s profit shares from subsidiaries, lower dividend distribution and higher Zakat expenses.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 26.13 | 17.44 | (33.3 %) |
| Gross Income | 26.13 | 17.44 | (33.3 %) |
| Operating Income | 21.18 | 13.63 | (35.7 %) |
| Net Income | 20.50 | 13.05 | (36.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.34 | 0.22 | (36.4 %) |
The second quarter net profit after Zakat and tax tumbled 71% YoY to SAR 4.7 million, hit by to a decline in company’s profit shares from subsidiaries, lower dividend distribution and higher Zakat expenses.
This came despite a drop in general and administrative expenses, a decline in financial costs and increased other revenues during the second quarter.
When compared to the previous quarter, net profit plunged 43.7%.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 20.08 | 6.71 | (66.6 %) |
| Gross Income | 20.08 | 6.71 | (66.6 %) |
| Operating Income | 16.65 | 4.95 | (70.3 %) |
| Net Income | 16.37 | 4.70 | (71.3 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.27 | 0.08 | (71.3 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 10.72 | 6.71 | (37.4 %) |
| Gross Income | 10.72 | 6.71 | (37.4 %) |
| Operating Income | 8.68 | 4.95 | (42.9 %) |
| Net Income | 8.35 | 4.70 | (43.8 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.14 | 0.08 | (43.8 %) |
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