‎SAIC has robust financial position, strategy change to reflect positively on performance: CEO

‎SAIC has robust financial position, strategy change to reflect positively on performance: CEO

Saudi Advanced Industries Co. (SAIC) has a strong financial position and does not have any loans or other indebtedness outstanding, CEO and Managing Director Abdullah Aljuraish told Argaam.

He told Argaam that the company started to exit and restructure some investments.

SAIC seeks to diversify its investment portfolio further by exiting products companies and shifting to those with growth potential. This is the most prominent change in the firm's new general strategy, the CEO explained.

Aljuraish pointed out that the company leverages the available opportunities, while restructuring the existing and previous investments.

The strategy's financial impact will likely appear as of the second quarter after undertaking a number of investments that will have a significant impact.

SAIC current investment portfolio is diversified, the top executive said, adding that the firm invests in different sectors and a variety of investment assets.

The company has no investments outside the Saudi market. It targets sectors that are in line with the goals of Vision 2030.

Further, SAIC is studying some investment opportunities and acquisitions in the healthcare and education sectors, which will be announced in due course.

Regarding the first-quarter results, the CEO said the profit decline was due to a lower profit share from associates, which represented 85% of SAIC's