News

Saudi Industrial Investment Group announces the interim financial results for the period ending on 30-06-2018 (Six Months)

 

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 321 70 358.57 199 61.31
Gross profit (loss) 722 421 71.5 763 -5.37
Operational profit (loss) 745 255 192.16 639 16.59
All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 520 380 36.84
Gross profit (loss) 1,485 923 60.89
Operational profit (loss) 1,384 847 63.4
Earning or loss per share, Riyals 1.16 0.84
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 increase in the net income during the current quarter compared with the same quarter of the previous year are:
1-An increase in SIIGs share of profit in the projects managed jointly (SCP, JCP) in the current quarter compared to the same quarter of the previous year due to scheduled maintenance works that occurred for SCP during the same quarter of the previous quarter. 
2- An increase in SIIGs share of profit of the National Petrochemical Company (Petrochem) to be SR 136 Million in the current quarter compared to SR 66 Million for the same quarter of the previous year.

-The reason for the increase in the gross profit is due to the increase of National Petrochemical Company (Petrochem) gross profit.
Reasons for increase (decrease) for the period compared with the same period last year -The reasons for the increase in the net income and operating profit during the current period compared with same period of the previous year are: 1- An increase in SIIGs share of profit of the National Petrochemical Company (Petrochem) to be SR 303 Million in the current period compared to SR 150 Million for the same period of the previous year. 2-SIIG ceasing to recognize its share of the accumulated losses in Petrochemical Conversion Company PCC, after it has been sold, and the accumulated losses amounted to SR 28 Million for the same period of the previous year 3-A decrease of G&A expenses. Despite a decrease in SIIGs share of profit in the projects managed jointly (SCP, JCP) in the current period compared to the previous period due to scheduled maintenance works that occurred in the current period. -The reason for the increase in the gross profit is due to the increase of National Petrochemical Company (Petrochem) gross profit.
Reasons of increase (decrease) for quarter compared with previous quarter -The reasons for the increase in the net income and operating profit during the current quarter compared with the previous quarter are:
1-An increase in SIIGs share of profit in the projects managed jointly (SCP, JCP) in the current quarter compared to the previous quarter after completing the scheduled maintenance works that occurred during the previous quarter.
Despite a decrease in SIIG share of profit in the National Petrochemical Company (Petrochem) to be SR 136 Million in the current quarter compared to SR 167 Million for the previous quarter.

-The reason for the decrease in the gross profit is due to the decrease in National Petrochemical Company Petrochem gross profit.
Reclassifications in quarterly financial results Some comparative figures for the previous year have been restated to conform with the presentation for the current year
Other notes -The gross sales for the current quarter amounted to SR 2,239 Million compared to SR 1,754 Million for the same quarter of the previous year with an increase of 28%.
-The gross sales for the current period amounted to SR 4,450 Million compared to SR 3,439 Million in the previous year with an increase of 29%.
-Total comprehensive income for the current quarter amounted to SR 321 Million compared to SR 70 Million for the same quarter previous year with an increase of 359% and compared to SR 199 Million in previous quarter with an increase of 61%. 
-Total comprehensive income for the current period amounted to SR 520 Million compared to SR 380 Million for the same period previous year with an increase of 37%.
-The shareholders equity (Excluding non-controlling interests) at the current period is SR 6,859 Million compared to SR 6,172 Million for the same period previous year with an increase of 11%. 
On January 1st, 2018 SIIG has adopted IFRS 9 and 15 with no material impact on SIIG financials.