Saudi Industrial Investment Group announces its Annual Financial Results for the Period Ending on 31-12-2019

Gross Profit (Loss)1,8762,683-30.078
Operational Profit (Loss)1,5342,292-33.071
Net Profit (Loss) after Zakat and Tax606865-29.942
Total Comprehensive Income571897-36.343
Total Share Holders Equity (after Deducting Minority Equity)6,7946,898-1.507
Profit (Loss) per Share1.351.92
All figures are in (Millions) Saudi Arabia, Riyals

Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed toThe reasons for the decrease in the net profit for the current year compared with the previous year are:1. SIIGs share of profit of the projects managed jointly (SCP, JCP) has decreased in the current year to be SR 274 Million, compared to SR 312 Million in the previous year, as a result of a scheduled shutdown for SCP in the 4th quarter in 2019 and a decreased in the prices of the products.2. SIIGs share of profit of the National Petrochemical Company (Petrochem) has decreased in the current year to be SR 336 Million, compared to SR 582 Million in the previous year.3. A decrease in the other income.
Basis of the External Auditor’s OpinionUnmodified opinion
Reclassification of Comparison ItemsCertain previous year figures have been re-classified to confirm with the presentation in the current year.
Additional InformationFrom January 1, 2019, the Company has adopted IFRS 16 with no material impact on its financial statements.