News

Saudi Industrial Investment Group announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

 

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 163 207 -21.26 216 -24.54
Gross profit (loss) 558 758 -26.39 574 -2.79
Operational profit (loss) 477 647 -26.28 546 -12.64
All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 466 672 -30.65
Gross profit (loss) 1,557 1,936 -19.58
Operational profit (loss) 1,348 1,727 -21.95
Earning or loss per share, Riyals 1.04 1.49
All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reasons for the decrease in the net income and operating profit during the current quarter compared with the same quarter of last year are:1-A Decrease in SIIGs portion of the National Petrochemical Company (Petrochem) profits to 96 Million SR in the current quarter compared to 161 Million SR for the same quarter of the previous year.2-An increase in feedstock and electricity costs, because of the newly applied government pricing that began the start of this year, and has decreased the company profits for this quarter by (34) Million SR.3-An Increase in SIIG portion of the Petrochemical Conversion Company (PCC) losses to (42) Million SR in the current quarter compared to (25) Million SR for the same quarter of the previous year. There was an Increase in SIIGs portion of the projects managed jointly (SCP, JCP) profit, due to higher in sales quantity of goods sold.The reason for the decrease in the gross profit is due to Petrochem gross profit decrease.
Reasons for increase (decrease) for the period compared with the same period last year The reasons for the decrease in the net income and operating profit during the current period compared with the same period of last year are 1-A decrease in SIIGs portion of the projects managed jointly (SCP, JCP) profit, due to the lower sales price.2-An increase in feedstock and electricity costs, because of the newly applied government pricing that began the start of this year, and has decreased the company profits by (109) Million SR.3-A Decrease in SIIGs portion of the National Petrochemical Company (Petrochem) profits to 261 Million SR in the current period compared to 364 Million SR for the same period of the previous year.4-An Increase in SIIG portion of the Petrochemical Conversion Company (PCC) losses to (147) Million SR in the current period compared to (66) Million SR for the same period of the previous year, which is due to the conversion of all the plants from projects under constructions to operating facilities.5-An increase in Zakat expenses. The reason for the decrease in the gross profit is due to Petrochem gross profit decrease.
Reasons of increase (decrease) for quarter compared with previous quarter The reasons for the decrease in the net income and operating profit during the current quarter compared with the previous quarter are:1-A decrease in SIIGs portion of the National Petrochemical Company (Petrochem) profits to 96 Million SR in the current quarter compared to 104 Million SR for the previous quarter.2-A decrease in SIIGs portion of the projects managed jointly (SCP, JCP) profit, due to lower average prices and quantity of goods sold by them.The reason for the decrease in the gross profit is due to Petrochem gross profit decrease.
Reclassifications in quarterly financial results Certain prior period figures have been reclassified to conform to the presentation in the current period
Other notes Net sales during the current quarter amounted to 1,601 Million SR compared to 1,912 Million SR with the same quarter of the previous year, a decrease of 16%, and net sales during the current period 4,903 Million SR compared to 5,649 Million SR for the same period of the previous year, a decline of 13.2%.
Total shareholders equity amounted to (after excluding minority interest) 7,555 Million SR for the current period, compared to 7034 Million SR with the corresponding period of previous year, an increase of 7%.
The Projects managed Jointly are those investment that are recorded in the financial statements using the equity method, and they are :
1-Saudi Chevron Phillips Company SCP 
2-Jubail Chevron Phillips Company JCP 
3-Petrochemical conversion company PCC
The SIIGs share in the results of Petrochem are fully consolidated in the financial statements.