SAIC’s H1 2024 profit spikes to SAR 217.2M; Q2 at SAR 108.5M

07/07/2024 Argaam Exclusive
Saudi Advanced Industries Co. (SAIC) reported a net profit surge to SAR 217.2 million in the first half of 2024, from SAR 72.2 million in the prior-year period. 


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 78.94 241.49 205.9 %
Gross Income 78.94 241.49 205.9 %
Operating Income 73.23 227.06 210.1 %
Net Income 72.23 217.24 200.7 %
Average Shares 60.00 59.00 (1.7 %)
EPS (Riyals) 1.20 3.68 205.8 %

The first-half net earnings were backed by better revenue.

 

On the other hand, SAIC reported an increase in the general and administrative expenses, financing costs and estimated Zakat charges. The company recorded an increase in profits from selling shares in associates as well as higher dividends despite a decrease in net profit from financial assets at fair value (FV) through profit or loss and a lower share in associates’ profits.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 53.59 119.60 123.2 %
Gross Income 53.59 119.60 123.2 %
Operating Income 50.66 114.85 126.7 %
Net Income 50.16 108.52 116.3 %
Average Shares 60.00 59.00 (1.7 %)
EPS (Riyals) 0.84 1.84 120.0 %
In the second quarter of 2024, the company’s net profit more than doubled to SAR 108.5 million.
 
SAIC’s bottom line was almost flat, compared to SAR 108.72 million in Q1 2024, as net earnings from financial assets at FV through profit or loss declined. In addition, the company’s share in the associates’ profits decreased.
 
Shareholders’ equity, no minority interest, rose to SAR 1.15 billion as of June 30, 2024, from SAR 950.57 million a year earlier. 

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Share Price

Saudi Advanced Industries Co.
36.35
0.15 0.41 %

Saudi Advanced Industries Co. (SAIC)

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Financial Ratios
Current
Market Cap (M Riyal) 2,181.00
Enterprise Value (EV) (M) 1,686.76
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 5.45
Book Value (BV) ( Riyal) 20.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 6.71
P/E (TTM) 6.79
Price/book 1.79
Return on Average Assets (%) (TTM) 27.3
Return on Average Equity (%) (TTM) 29.4
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 9.04 12.5 % 9.04 12.5 % 7.66 10.4 %
Q2 2015 8.15 75.7 % 8.15 75.7 % 6.82 94.1 %
Q3 2015 2.38 (71.9 %) 2.38 (71.9 %) 1.21 (83.8 %)
Q4 2015 (0.45) (107.3 %) (0.45) (107.3 %) (2.71) (176.4 %)
Q1 2016 (1.93) (121.4 %) (1.93) (121.4 %) (3.24) (142.3 %)
Q2 2016 11.74 44.1 % 11.74 44.1 % 10.51 54.0 %
Q3 2016 4.29 80.1 % 4.29 80.1 % 3.10 155.6 %
Q4 2016 4.58 1123.9 % 4.58 1123.9 % 2.32 185.5 %
Q1 2017 4.42 328.7 % 4.42 328.7 % 3.21 198.9 %
Q2 2017 8.35 (28.9 %) 8.35 (28.9 %) 7.11 (32.4 %)
Q3 2017 11.65 171.8 % 11.65 171.8 % 10.40 235.7 %
Q4 2017 10.20 122.8 % 10.20 122.8 % 7.33 215.9 %
Q1 2018 5.48 24.0 % 5.48 24.0 % 4.35 35.8 %
Q2 2018 15.71 88.3 % 15.71 88.3 % 14.25 100.5 %
Q3 2018 12.89 10.6 % 12.89 10.6 % 11.84 13.8 %
Q4 2018 10.45 2.5 % 10.45 2.5 % 7.49 2.1 %
Q1 2019 6.04 10.2 % 6.04 10.2 % 4.53 4.0 %
Q2 2019 20.08 27.8 % 20.08 27.8 % 16.65 16.9 %
Q3 2019 13.59 5.4 % 13.59 5.4 % 11.79 (0.4 %)
Q4 2019 4.68 (55.2 %) 4.68 (55.2 %) 1.61 (78.5 %)
Q1 2020 10.72 77.5 % 10.72 77.5 % 8.68 91.6 %
Q2 2020 6.71 (66.6 %) 6.71 (66.6 %) 4.95 (70.3 %)
Q3 2020 9.59 (29.4 %) 9.59 (29.4 %) 7.78 (34.0 %)
Q4 2020 9.75 108.3 % 9.75 108.3 % 7.66 375.2 %
Q1 2021 19.69 83.6 % 19.69 83.6 % 17.54 102.2 %
Q2 2021 19.34 188.1 % 19.34 188.1 % 17.17 246.9 %
Q3 2021 35.88 273.9 % 35.88 273.9 % 33.83 334.7 %
Q4 2021 26.57 172.6 % 26.57 172.6 % 24.03 213.9 %
Q1 2022 34.44 75.0 % 34.44 75.0 % 31.00 76.7 %
Q2 2022 31.09 60.7 % 31.09 60.7 % 27.45 59.8 %
Q3 2022 25.97 (27.6 %) 25.97 (27.6 %) 22.46 (33.6 %)
Q4 2022 24.55 (7.6 %) 24.55 (7.6 %) 21.79 (9.3 %)
Q1 2023 25.35 (26.4 %) 25.35 (26.4 %) 22.57 (27.2 %)
Q2 2023 53.59 72.4 % 53.59 72.4 % 50.66 84.6 %
Q3 2023 46.03 77.3 % 46.03 77.3 % 40.86 81.9 %
Q4 2023 53.64 118.5 % 53.64 118.5 % 46.61 113.9 %
Q1 2024 121.89 380.8 % 121.89 380.8 % 112.21 397.1 %
Q2 2024 119.60 123.2 % 119.60 123.2 % 114.85 126.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 7.51 24.9 % 0.13 - 7.51 0.13
Q2 2015 7.26 205.0 % 0.12 - 7.26 0.12
Q3 2015 1.61 (88.3 %) 0.03 - 1.61 0.03
Q4 2015 (15.20) (756.2 %) (0.25) (11.00) (4.20) (0.07)
Q1 2016 (3.75) (149.9 %) (0.06) - (3.75) (0.06)
Q2 2016 9.96 37.2 % 0.17 - 9.96 0.17
Q3 2016 2.52 55.9 % 0.04 - 2.52 0.04
Q4 2016 2.15 114.1 % 0.04 - 2.15 0.04
Q1 2017 3.40 190.6 % 0.06 - 3.40 0.06
Q2 2017 7.56 (24.1 %) 0.13 - 7.56 0.13
Q3 2017 9.82 290.5 % 0.16 - 9.82 0.16
Q4 2017 9.81 356.4 % 0.16 - 9.81 0.16
Q1 2018 4.16 22.5 % 0.07 - 4.16 0.07
Q2 2018 14.10 86.5 % 0.23 - 14.10 0.23
Q3 2018 11.54 17.5 % 0.19 - 11.54 0.19
Q4 2018 7.13 (27.3 %) 0.12 - 7.13 0.12
Q1 2019 4.13 (0.8 %) 0.07 - 4.13 0.07
Q2 2019 16.37 16.1 % 0.27 - 16.37 0.27
Q3 2019 11.50 (0.4 %) 0.19 - 11.50 0.19
Q4 2019 (3.45) (148.4 %) (0.06) (4.81) 1.36 0.02
Q1 2020 8.35 102.3 % 0.14 - 8.35 0.14
Q2 2020 4.70 (71.3 %) 0.08 - 4.70 0.08
Q3 2020 7.50 (34.8 %) 0.13 - 7.50 0.13
Q4 2020 5.53 260.2 % 0.09 - 5.53 0.09
Q1 2021 17.05 104.2 % 0.28 - 17.05 0.28
Q2 2021 16.79 257.6 % 0.28 - 16.79 0.28
Q3 2021 31.67 322.3 % 0.53 - 31.67 0.53
Q4 2021 25.62 363.7 % 0.43 - 25.62 0.43
Q1 2022 30.94 81.5 % 0.52 - 30.94 0.52
Q2 2022 27.32 62.7 % 0.46 - 27.32 0.46
Q3 2022 22.10 (30.2 %) 0.37 - 22.10 0.37
Q4 2022 19.85 (22.5 %) 0.33 - 19.85 0.33
Q1 2023 22.07 (28.7 %) 0.37 - 22.07 0.37
Q2 2023 50.16 83.6 % 0.84 - 50.16 0.84
Q3 2023 38.94 76.2 % 0.66 - 38.94 0.66
Q4 2023 36.09 81.8 % 0.60 (3.89) 39.98 0.67
Q1 2024 108.72 392.6 % 1.81 - 108.72 1.81
Q2 2024 108.52 116.3 % 1.84 - 108.52 1.84

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 100.00 % 78.51 % 99.65 %
Q2 2015 100.00 % 80.26 % 101.84 %
Q3 2015 100.00 % 74.64 % 75.64 %
Q4 2015 100.00 % 68.14 % 63.72 %
Q1 2016 100.00 % 26.22 % 11.28 %
Q2 2016 100.00 % 49.67 % 30.82 %
Q3 2016 100.00 % 56.63 % 33.12 %
Q4 2016 100.00 % 68.37 % 58.23 %
Q1 2017 100.00 % 76.76 % 72.00 %
Q2 2017 100.00 % 73.06 % 72.22 %
Q3 2017 100.00 % 79.67 % 79.07 %
Q4 2017 100.00 % 81.19 % 88.35 %
Q1 2018 100.00 % 82.01 % 87.86 %
Q2 2018 100.00 % 84.58 % 88.01 %
Q3 2018 100.00 % 85.48 % 89.43 %
Q4 2018 100.00 % 85.38 % 82.90 %
Q1 2019 100.00 % 84.72 % 81.80 %
Q2 2019 100.00 % 82.12 % 79.17 %
Q3 2019 100.00 % 80.91 % 77.99 %
Q4 2019 100.00 % 78.19 % 75.13 %
Q1 2020 100.00 % 79.20 % 76.57 %
Q2 2020 100.00 % 76.08 % 72.54 %
Q3 2020 100.00 % 73.03 % 69.07 %
Q4 2020 100.00 % 79.41 % 70.89 %
Q1 2021 100.00 % 83.26 % 76.02 %
Q2 2021 100.00 % 86.21 % 80.29 %
Q3 2021 100.00 % 90.23 % 83.92 %
Q4 2021 100.00 % 91.41 % 89.81 %
Q1 2022 100.00 % 91.38 % 90.36 %
Q2 2022 100.00 % 91.01 % 90.29 %
Q3 2022 100.00 % 89.01 % 89.77 %
Q4 2022 100.00 % 88.62 % 86.35 %
Q1 2023 100.00 % 88.26 % 85.40 %
Q2 2023 100.00 % 90.85 % 88.20 %
Q3 2023 100.00 % 90.98 % 87.63 %
Q4 2023 100.00 % 90.08 % 84.63 %
Q1 2024 100.00 % 91.07 % 86.43 %
Q2 2024 100.00 % 92.29 % 86.81 %