SAIC net profit rises 23% to SAR 80.4 mln in 9M 2022; Q3 down to SAR 22.1 mln

SAIC net profit rises 23% to SAR 80.4 mln in 9M 2022; Q3 down to SAR 22.1 mln

06/11/2022 Argaam Exclusive

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Saudi Advanced Industries Co. (SAIC) reported a net profit after Zakat and tax of SAR 80.4 million in the first nine months of 2022, a 23% surge from SAR 65.5 million in the year-ago period.

 

The profit hike was driven by a rise in revenue due to higher company shares from subsidiaries’ profits, improved dividend distribution and lower Zakat expenses. This was partially offset by an increase in general and administrative (G&A) expenses and financing costs (FC) as well as a decrease in other revenue.

 



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 74.90 91.49 22.1 %
Gross Income 74.90 91.49 22.1 %
Operating Income 68.55 80.91 18.0 %
Net Income 65.51 80.36 22.7 %
Average Shares 60.00 60.00 -
EPS (Riyals) 1.09 1.34 22.7 %

In Q3 2022, net profit after Zakat and tax saw a 30% decline to SAR 22.1 million, from SAR 31.7 million in the year before.

 

The profit drop was attributed to lower share from subsidiaries’ profits, lower dividend distribution and higher (G&A) expenses and FC.

 

Sequentially, the company’s net profit fell 19% from SAR 27.3 million in Q2 2022.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 35.88 25.97 (27.6 %)
Gross Income 35.88 25.97 (27.6 %)
Operating Income 33.83 22.46 (33.6 %)
Net Income 31.67 22.10 (30.2 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.53 0.37 (30.2 %)

Shareholders’ equity, excluding minority interest, reached SAR 908.59 million as of Sept. 30, 2022, from SAR 922.02 million in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 4.83 411.3 % 4.83 411.3 % 3.84 249.0 %
Q2 2013 9.84 432.0 % 9.84 432.0 % 9.05 327.4 %
Q3 2013 9.50 1624.2 % 9.50 1624.2 % 8.74 978.9 %
Q4 2013 6.64 120.0 % 6.64 120.0 % 4.79 113.7 %
Q1 2014 8.03 66.2 % 8.03 66.2 % 6.94 80.7 %
Q2 2014 4.64 (52.9 %) 4.64 (52.9 %) 3.51 (61.1 %)
Q3 2014 8.48 (10.7 %) 8.48 (10.7 %) 7.47 (14.4 %)
Q4 2014 6.16 (7.2 %) 6.16 (7.2 %) 3.55 (26.0 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 3.24 201.1 % 0.05 - 3.24 0.05
Q2 2013 8.72 133.3 % 0.15 - 8.72 0.15
Q3 2013 8.52 296.5 % 0.14 - 8.52 0.14
Q4 2013 4.58 116.1 % 0.08 - 4.58 0.08
Q1 2014 6.01 85.7 % 0.10 (0.76) 6.77 0.11
Q2 2014 (6.91) (179.3 %) (0.12) (9.98) 3.06 0.05
Q3 2014 13.81 62.1 % 0.23 (0.76) 14.57 0.24
Q4 2014 2.32 (49.4 %) 0.04 (0.76) 3.08 0.05
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 100.00 % 112.79 % 173.99 %
Q2 2013 100.00 % 120.18 % 108.24 %
Q3 2013 100.00 % 146.97 % 87.28 %
Q4 2013 100.00 % 85.81 % 81.34 %
Q1 2014 100.00 % 86.84 % 84.08 %
Q2 2014 100.00 % 83.32 % 79.63 %
Q3 2014 100.00 % 82.14 % 104.30 %
Q4 2014 100.00 % 78.73 % 100.61 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 60.00 (0.93) (0.93) 13.24
Q2 2013 60.00 (0.35) (0.35) 13.53
Q3 2013 60.00 (0.13) (0.13) 14.04
Q4 2013 60.00 0.42 0.42 14.75
Q1 2014 60.00 0.46 0.48 14.68
Q2 2014 60.00 0.20 0.38 14.58
Q3 2014 60.00 0.29 0.48 14.86
Q4 2014 60.00 0.25 0.46 13.08
Q1 2015 60.00 0.28 0.47 12.92
Q2 2015 60.00 0.51 0.54 13.53
Q3 2015 60.00 0.31 0.32 12.65
Q4 2015 60.00 0.02 0.20 11.62
Q1 2016 60.00 (0.17) 0.02 11.87
Q2 2016 60.00 (0.12) 0.06 12.25
Q3 2016 60.00 (0.11) 0.08 12.22
Q4 2016 60.00 0.18 0.18 12.59
Q1 2017 60.00 0.30 0.30 12.74
Q2 2017 60.00 0.26 0.26 12.74
Q3 2017 60.00 0.38 0.38 12.81
Q4 2017 60.00 0.51 0.51 12.87
Q1 2018 60.00 0.52 0.52 13.64
Q2 2018 60.00 0.63 0.63 13.94
Q3 2018 60.00 0.66 0.66 13.89
Q4 2018 60.00 0.62 0.62 13.12
Q1 2019 60.00 0.61 0.61 13.75
Q2 2019 60.00 0.65 0.65 13.51
Q3 2019 60.00 0.65 0.65 13.14
Q4 2019 60.00 0.48 0.56 13.31
Q1 2020 60.00 0.55 0.63 12.55
Q2 2020 60.00 0.35 0.43 13.25
Q3 2020 60.00 0.28 0.37 13.66
Q4 2020 60.00 0.43 0.43 14.00
Q1 2021 60.00 0.58 0.58 14.66
Q2 2021 60.00 0.78 0.78 14.93
Q3 2021 60.00 1.18 1.18 15.37
Q4 2021 60.00 1.52 1.52 15.56
Q1 2022 60.00 1.75 1.75 16.13
Q2 2022 60.00 1.93 1.93 14.99
Q3 2022 60.00 1.77 1.77 15.14

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 NEG NEG 0.85
Q2 2013 NEG NEG 0.82
Q3 2013 NEG NEG 0.85
Q4 2013 31.92 31.92 0.90
Q1 2014 34.09 33.19 1.08
Q2 2014 92.86 49.40 1.30
Q3 2014 68.21 41.17 1.34
Q4 2014 54.49 30.20 1.06
Q1 2015 54.78 32.47 1.18
Q2 2015 29.51 28.13 1.12
Q3 2015 35.37 34.00 0.87
Q4 2015 More than 100 55.95 0.98
Q1 2016 NEG More than 100 0.72
Q2 2016 NEG More than 100 0.74
Q3 2016 NEG 89.78 0.55
Q4 2016 55.46 55.46 0.80
Q1 2017 37.63 37.63 0.89
Q2 2017 38.35 38.35 0.78
Q3 2017 28.53 28.53 0.85
Q4 2017 22.52 22.52 0.89
Q1 2018 21.63 21.63 0.83
Q2 2018 17.73 17.73 0.80
Q3 2018 15.62 15.62 0.74
Q4 2018 17.54 17.54 0.82
Q1 2019 19.21 19.21 0.86
Q2 2019 15.92 15.92 0.77
Q3 2019 17.24 17.24 0.86
Q4 2019 24.12 20.65 0.86
Q1 2020 17.26 15.05 0.75
Q2 2020 30.70 25.00 0.81
Q3 2020 54.79 42.77 1.14
Q4 2020 36.28 36.28 1.13
Q1 2021 59.23 59.23 2.34
Q2 2021 60.23 60.23 3.15
Q3 2021 36.00 36.00 2.77
Q4 2021 26.08 26.08 2.55
Q1 2022 22.21 22.21 2.41
Q2 2022 15.05 15.05 1.93
Q3 2022 15.68 15.68 1.83

Business Segments (Million)

Compared With The
Period Services and Invesments sector Glass industry Petrochemical sector Industrial Services Segment ( Energy and Utilities) Others
Q1 2013 - (3.19) - 3.22 4.80
Q2 2013 - 0.45 - 9.39 0.04
Q3 2013 - 0.59 3.27 6.25 (0.61)
Q4 2013 - 2.75 - 3.88 -
Q1 2014 - 1.49 6.54 - 0.01
Q2 2014 - 0.60 - - 4.52
Q3 2014 - 1.94 4.90 - 9.84
Q4 2014 - 1.53 - - 4.89
Q1 2015 3.25 - 4.90 - 0.95
Q2 2015 2.60 0.39 3.27 1.62 0.85
Q3 2015 4.93 - - - -
Q4 2015 2.23 - - - -
Q1 2016 - - 3.27 - 0.01
Q2 2016 4.58 - 4.90 3.24 -
Q3 2016 2.73 - - - 0.04
Q4 2016 3.15 1.09 - - 0.09
Q1 2017 3.09 - 4.90 - 0.79
Q2 2017 5.28 - - - 0.03
Q3 2017 3.02 - 4.90 5.06 -
Q4 2017 3.31 5.80 - - 0.03
Q1 2018 3.07 2.41 - - 0.03
Q2 2018 3.21 1.98 - - -
Q3 2018 2.86 4.31 5.72 - -
Q4 2018 3.81 6.64 - - -
Q1 2019 2.85 3.19 - - -
Q2 2019 5.42 3.06 6.54 - 0.02
Q3 2019 5.01 2.85 5.72 - 0.01
Q4 2019 2.70 1.98 - - 0.04
Q1 2020 3.36 1.65 5.72 - -
Q2 2020 8.80 (2.09) - - 0.05
Q3 2020 2.27 3.24 4.09 - 0.02
Q4 2020 5.63 4.12 - - 0.01
Q1 2021 7.38 8.22 4.09 - 0.01
Q2 2021 5.29 14.05 - - 0.05
Q3 2021 6.43 24.54 4.90 - -
Q4 2021 3.91 22.66 - - -
Q1 2022 8.56 20.98 4.90 - -
Q2 2022 5.70 20.49 4.90 - -
Q3 2022 5.66 20.31 - - 0.01


Financial Ratios
Current
Market Cap (M Riyal) 2,121.00
Enterprise Value (EV) (M) 1,626.76
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) 6.52
P/E (TTM) 6.60
Price/book 1.74
Return on Average Assets (%) (TTM) 27.3
Return on Average Equity (%) (TTM) 29.4
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Share Price

Saudi Advanced Industries Co.
35.35
(0.05) (0.14 %)

Saudi Advanced Industries Co. (SAIC)

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