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SAIC’s Estimated Profit Jumps Over 200% in H1-24

SAIC’s Estimated Profit Jumps Over 200% in H1-24

Riyadh: The net profit of Saudi Advanced Industries Company (SAIC) surged by 200.98% year-on-year (YoY) to SAR 217.40 million during the first half (H1) of 2024 from SAR 72.23 million.

The company’s revenue leapt by 205.01% YoY to SAR 240.78 million in H1-24 from SAR 78.94 million in H1-23, according to estimated interim financial results.

The earnings per share (EPS) hit SAR 3.67 from January until the end of June, up from SAR 1.35 in the corresponding period a year earlier.

Quarterly Results

During the second quarter (Q2) of 2024, SAIC’s net profit jumped by 116.64% to SAR 108.67 million from SAR 50.16 million.

Sales climbed by 121.85% to SAR 118.89 million in Q2-24 from SAR 53.59 million.

Quarter-on-quarter (QoQ), the company’s net profit inched lower in Q2-24 from SAR 108.72 million in previous quarter, while sales shrank by 2.46% from SAR 121.89 million.

In the first quarter (Q1) of 2024, SAIC’s net profit soared 392.61% YoY to SAR 108.72 million in the first quarter (Q1) of 2024 from SAR 22.07 million.


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Source: ZAWYA