News

Saudi Industrial Investment Group announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )

Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue
Gross Profit (Loss)
Operational Profit (Loss) 62 119 -47.899 35 77.142
Net Profit (Loss) 64 120 -46.666 28 128.571
Total Comprehensive Income 64 120 -46.666 28 128.571
All figures are in (Millions) Saudi Arabia, Riyals

 

Element List Current Period Similar period for previous year %Change
Sales/Revenue
Gross Profit (Loss)
Operational Profit (Loss) 98 -118
Net Profit (Loss) 92 -121
Total Comprehensive Income 92 -121
Total Share Holders Equity (after Deducting Minority Equity) 10,114 10,566 -4.277
Profit (Loss) per Share 0.12 -0.16
All figures are in (Millions) Saudi Arabia, Riyals

 

 

Element List Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales/Revenue and Gross profit” do not appear in the profit or loss statement.
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 decrease in the net profit during current quarter compared with the same quarter of last year, mainly are:

1- SIIG’s share of profit from the joint ventures has decreased in the current quarter, mainly because of an increase in the feedstock and energies costs.

2- A decrease in the financing income “Murabaha”.

Note that there was:

– A decrease in the Zakat expenses, as a result of a zakat provision reversal of SR 9 million.

The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales/Revenue and Gross profit” do not appear in the profit or loss statement.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reasons for the increase in the net profit during current quarter compared with the last quarter, mainly are:

1- SIIG’s share of profit of the joint ventures has increased in the current quarter, mainly because of an increase in the quantities sold, as a result of the scheduled turnaround maintenance during the last quarter for SIIG’s JV “Saudi Chevron Phillips & Jubail Chevron Philips”, in addition to a slight increase in the selling prices. Although there is an increase in the feedstock and costs.

2- A decrease in the Zakat expenses, as a result of a zakat provision reversal of SR 9 million.

Note that there were:

– An increase in the general and administration expenses.

The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales/Revenue and Gross profit” do not appear in the profit or loss statement.
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 increase in the net profit during the current period compared with the same period of last year, mainly are:

1- SIIG’s share of profit of the joint ventures has increased in the current period, JVs have made profits compared to losses during the same period of last year, mainly because of an increase in the quantities sold, as a result of the un-scheduled turnaround maintenance during the same period for SIIG’s JV “Saudi Polymer Company”, in addition to a slight increase in the selling prices. Although there is an increase in the feedstock and energies costs.

2- A decrease in the Zakat expenses, as a result of a zakat provision reversal of SR 9 million.

Note that there were:

– A decrease in the financing income “Murabaha”.

Statement of the type of external auditor’s report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) Not Applicable
Reclassification of Comparison Items Certain prior period figures have been re-classified to confirm with the presentation in the current period.
Additional Information Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales and Gross profit” do not appear in the profit or loss statement.