|Introduction||Addendum Announcement from Saudi Industrial Investment Group in regards to its announcement of Interim Financial Results for the Period Ending on 31-12-2021 (Twelve Months)|
|Date of Posting the Previous Announcement of Development on Tadawul’s Website||2022-01-27 Corresponding to 1443-06-24|
|URL of the Previous Announcement||Click Here|
|Change on the Development||Reference to the National Petrochemical Company “Petrochem” change in the presentation of its financial statements for its joint ventures, as Petrochem stopped since the third quarter of 2021 (referred to earlier in the third quarter 2021 results announcement) the full consolidation method of its financial statements with its joint ventures, and now are presented according to the equity method. Therefore, revenue from contracts with customers and gross profit, will not appear in the statement of profit, (loss) income.
Accordingly, SIIG would like to clarify that it is consolidating its financial statements with Petrochem in full, and Petrochem’s changing the method of consolidating its financial statements with its joint ventures companies led SIIG to change the way they presented its financial statements as well, Therefore, revenue from contracts with customers and gross profit, did not appear in the statement of profit, (loss) income. Because of that, the mentioned lines did not appear in the SIIG announcement on 27-01-2022, and this change did not in any way affect the rights of Ownership of the group company’s shareholders, nor on net profits and earnings per share.
|Financial Impact on the change||No Impact|