Riyadh, Saudi Arabia — Saudi Advanced Industries Company (SAIC) has reported a net profit of SAR 149 million ($39.72 million) for 2023, compared to SAR 100.2 million a year earlier.
In a Tadawul filing, the company attributed the rise in net profit to sale of shares in associated companies and the sale of financial assets at fair value through profit or loss besides an increase in unrealized gains from financial assets at fair value through profit or loss.
Increase in dividends earned and other income also led to an increase in the net profit. This came despite losses from selling the company’s share in Al Salam Aerospace Co. in Q4, higher financing costs, increased general, administrative and Zakat expenses, SAIC said.
The company’s fourth-quarter net profit increased 89.6 percent year-on-year (YoY) to SAR 38 million, from SAR 19.85 million in 2022. On a quarterly basis, net profit fell 3.4 percent from SAR 38.94 million.
SAIC announced a cash dividend of SAR 44.25 million ($11.79 million) for 2023. The distribution date will be announced later after the General Assembly approves the Board of Directors’ recommendation, SAIC said.
