‎SAIC posts highest profit on record in 2021, pushes for listing affiliates in Saudi market: CEO

‎SAIC posts highest profit on record in 2021, pushes for listing affiliates in Saudi market: CEO

Saudi Advanced Industries Co. (SAIC) reported the highest profit and recommended the highest cash dividend since inception in 2021, CEO Saeed Almoeather said.

He added that SAIC’s successful investments “have started to pay off”, expecting this strong performance to continue going forward.

The company’s statutory reserve and retained earnings reached solid levels, Almoeather told Argaam in a phone call, noting that these levels underline SAIC’s strong financial position and allow more growth and expansions in the future.

Almoeather added that the company’s investment in the subsidiary, Obeikan Glass Co., amounts to SAR 128 million, or SAR 13.33 per share. The current stock price of more than SAR 95 leads SAIC’s investment value to surpass SAR 900 million. Accordingly, this will be reflected positively on the company’s financial position. In addition, SAIC’s share in Obeikan Glass’ 2021 dividends amounts to SAR 9.6 million, he added.

The top executive forecasts the glass manufacturer to maintain dividend payment for 2022, thanks to its strong financial position, the pick-up in its product prices, robust cash flows and ability to fulfill obligations.

SAIC is working with its partners to fulfill the requirements of the competent authorities to transition Obeikan Glass to the main market, Al-Moeather affirmed.