Saudi Industrial Investment Group announces its Interim Financial Results for the Period Ending on 30-06-2020 (Six Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue1,3461,651-18.4731,515-11.155
Gross Profit (Loss)122460-73.478247-50.607
Operational Profit (Loss)197435-54.712-73
Net Profit (Loss) after Zakat and Tax-55205-174-68.39
Total Comprehensive Income-55205-174-68.39
All figures are in (Millions) Saudi Arabia, Riyals

Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue2,8613,671-22.064
Gross Profit (Loss)125977-87.205
Operational Profit (Loss)270889-69.628
Net Profit (Loss) after Zakat and Tax-229383
Total Comprehensive Income-229383
Total Share Holders Equity (after Deducting Minority Equity)6,3406,944-8.698
Profit (Loss) per Share-0.510.85
All figures are in (Millions) Saudi Arabia, Riyals

Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed toThe reasons for the decrease in net income during the current quarter compared to the same quarter of the previous year are due to:1. SIIGs share of profit of the jointly managed projects has decreased in the current quarter to be SR 52 Million, compared to SR 112 Million for the same quarter 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 result of the National Petrochemical Company (Petrochem) has decreased in the current quarter to be losses of SR (95) Million in the current quarter compared to a profit of SR 96 Million for the same quarter of the previous year, as a result of Petrochem’s decision to permanently shut down its Polystyrene unit and fully depreciated it during this quarter, which impacted SIIG net income by SR (127) Million. In addition to the decrease in product prices. 3. A decrease in other income. 4. An increase of Zakat expense.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to-The reasons for the increase in the net income during the current quarter compared with the previous quarter are due to:1. SIIGs share of the result of the jointly managed projects has increased in the current quarter to be a profit of SR 52 Million, compared to losses of SR (189) Million for the previous quarter, as a result of a better sales margins. 2. A decrease in financial costs. 3. Even though SIIGs share of result of the National Petrochemical Company (Petrochem) has decreased in the current quarter to be losses of SR (95) Million, compared to a profit of SR 24 Million in the previous quarter, as a result of Petrochem’s decision in its project to permanently shut down the Polystyrene unit and fully depreciated it during this quarter, which impacted SIIG net income by SR (127) Million. In addition to the decrease in product prices.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed toThe 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 a loss of SR (137) Million, compared to a profit of SR 203 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 result of the National Petrochemical Company (Petrochem) has decreased in the current period to be losses of SR (71) Million in the current period compared to a profit of SR 185 Million for the same period of the previous year, as a result of Petrochem’s decision in its project to permanently shut down the Polystyrene unit and fully depreciated it during this quarter, which impacted SIIG net income by SR (127) Million. In addition to the decrease in products prices3. A decrease in other incomes.
Basis of the External Auditor’s OpinionUnmodified opinion
Reclassification of Comparison ItemsCertain prior period figures have been re-classified to confirm with the presentation in the current period.