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Nomu-listed Saudi Advanced Industries (SAIC) is looking to boost its equity investments in the capital market by additional SAR 500 mn, Managing Director and CEO Abdullah Bin Sulaiman Al-Jarish told Al-Arabiya in an interview (watch: runtime: 8:51). The investment firm currently has a SAR 1 portfolio of equity assets in Tadawul-listed companies, and is actively looking at an extra 50 potential investments in the bourse.
Recent exits: Saic has fully divested from the petrochemicals sector including a lucrative exit from Yansab National Petrochemical, as it looks to shift away from product-based companies towards growth-oriented ones, Al-Jarish added. It has also exited telecoms giant Mobily and Saudi Cement in 2023— at a loss. The company is currently more interested in media, entertainment, healthcare, financial services, and banking sectors.
Recent share buys: The investment company and its subsidiary have acquired 567k shares in Nomu-listed Baladi Poultry for SAR 72 mn at SAR 126.7 apiece. Saic has also acquired stakes in Nomu-listed Academy of Learning and Canadian Medical Center, which should soon be moving to the main market, said Al-Jarish.
Returns to shareholders: SAIC is set to distribute 2.5% of its 12 mn shares in subsidiary Obeikan Glass to its shareholders, he added. This is in a bid to maximize its shareholder returns and ultimately meet the liquidity requirements for transitioning to main market Tadawul.
2023 results in a snapshot: The company’s net income rose 48.5% y-o-y to SAR 148.8 mn in 2023, and revenues were up 55.2% y-o-y to SAR 180.2 mn, it said in a disclosure to Tadawul. The company’s BoD recommended a dividend payout of SAR 44.3 mn for 2023 at SAR 0.75 per share, it said in a separate disclosure. The distribution date is yet to be announced.
