Saudi Industrial Investment Group announces its Annual Financial Results for the Period Ending on 31-12-2020

Gross Profit (Loss)9441,883-49.867
Operational Profit (Loss)4021,541-73.913
Net Profit (Loss) after Zakat and Tax92606-84.818
Total Comprehensive Income68671-89.865
Total Share Holders Equity (after Deducting Minority Equity)6,4126,794-5.622
Profit (Loss) per Share0.21.35
All figures are in (Millions) Saudi Arabia, Riyals

The reason of the increase (decrease) in the net profit during the current year compared to the last year isThe reasons for the decrease in the net income during the current year compared to the previous year are due to:1.SIIG’s 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 in 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.SIIG’s share of results of the National Petrochemical Company (Petrochem) has decreased this year to SR 115 Million compared to SR 337 Million in the previous year, due mainly to the decrease in product prices and Petrochem’s decision to permanently shut down the Polystyrene unit at its site, which impacted SIIG’s net income by SR (127) million.
Statement of the type of external auditor’s reportUnmodified opinion
Reclassification of Comparison ItemsCertain previous year figures have been re-classified to confirm with the presentation in the current year.