Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Advanced Industries Company (SAIC) reached SAR 72.61 million in the first half (H1) of 2023, an annual rise of 24.63% from SAR 58.26 million.
The revenues jumped by 25.27% year-on-year (YoY) to SAR 82.09 million in H1-23 from SAR 65.53 million, according to income statements.
Earnings per share (EPS) stood at SAR 1.21 during January-June 2023, versus SAR 0.97 as of 30 June 2022.
Financial Results for Q2-23
In the second quarter (Q2) of 2023, the listed company achieved net profits after Zakat and tax valued at SAR 50.16 million, an annual surge of 84.99% from SAR 27.32 million.
SAIC posted revenues worth SAR 53.59 million in April-June 2023, higher by 72.37% YoY than SAR 31.09 million.
On a quarterly basis, the Q2-23 net profits enlarged by 129% from SAR 22.07 million in Q1-23, while the revenues hiked by 111.40% from SAR 25.35 million.
Financing Agreement
The Saudi firm secured an Islamic credit facility at a value of SAR 100 million from Al Rajhi Capital. The company obtained the financing on 18 July 2023 to expand its investments.
In Q1-23, SAIC witnessed 28.67% YoY lower net profits after Zakat and tax at SAR 22.07 million from SAR 30.94 million.
