News

Saudi Industrial Investment Group (SIIG) announces its Interim Financial Results for the Period Ending on 31-12-2020 (Twelve Months)

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 1,644 1,870 -12.085 1,436 14.484
Gross Profit (Loss) 497 414 20.048 321 54.828
Operational Profit (Loss) 447 242 84.71 225 98.666
Net Profit (Loss) after Zakat and Tax 235 63 273.015 85 176.47
Total Comprehensive Income 211 27 681.481 85 148.235
All figures are in (Millions) Saudi Arabia, Riyals
         
           
           
           
           
           
 

 

ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Sales/Revenue 6,113 7,656 -20.154
Gross Profit (Loss) 944 1,883 -49.867
Operational Profit (Loss) 402 1,541 -73.913
Net Profit (Loss) after Zakat and Tax 92 606 -84.818
Total Comprehensive Income 68 571 -88.091
Total Share Holders Equity (after Deducting Minority Equity) 6,412 6,794 -5.622
Profit (Loss) per Share 0.2 1.35
All figures are in (Millions) Saudi Arabia, Riyals

 

ELEMENT LIST EXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reasons for the increase in net income during the current quarter compared to the same quarter of the previous year are due to:

1-SIIGs share of profits of the jointly managed projects has increased in the current quarter to be SR 91 Million, compared to losses to SR (11) Million for the same quarter of the previous year, due to a scheduled shutdown for (SCP) in Q4 2019.

2-SIIGs share of profits of the National Petrochemical Company (Petrochem) has increased to SR 124 Million in the current quarter compared to a profit of SR 69 Million for the same quarter of the previous year.

3-Decrease in selling and distribution expenses, and finance costs, and zakat expenses.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is -The reasons for the increase in net income during the current quarter compared with the previous quarter are due to:

1-SIIGs share of profits of the jointly managed projects has increased in the current quarter to SR 91 Million, compared to SR 31 Million for the previous quarter of this year, because of improved selling prices of products.

2-SIIGs share of results of the National Petrochemical Company (Petrochem) has increased in the current quarter to SR 124 Million, compared to SR 62 Million in the previous quarter.

3-Decrease in the Zakat expense.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is -The reasons for the decrease in the net income during the current period compared with the same period in the previous year are due to:

1-SIIGs share of result of the jointly managed projects has decreased in the current period to be losses of SR (15) Million, compared to profits of SR 274 Million for the same period of the previous year, due to the sharp decrease in products prices, as a result of the global economy being affected by the Corona pandemic.

2-SIIGs share of results of the National Petrochemical Company (Petrochem) has decreased in the current period to SR 114 Million compared to SR 336 Million for the same period of the previous year, due mainly to the decrease in products prices and Petrochem’s decision to permanently shut down the Polystyrene unit at its project, and fully depreciated it during this period, which impacted SIIG’s net income by SR (127) million.

3-Decrease in the other income.

Statement of the type of external auditor’s report Unmodified conclusion
Reclassification of Comparison Items Certain prior period figures have been re-classified to confirm with the presentation in the current period.