| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to |
The reasons for the decrease in net income during the current quarter compared to the same quarter of the previous year are attributed to:1. SIIGs share of profit of the jointly managed projects has decreased in the current quarter to be SR 31 Million, compared to SR 83 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 profit of the National Petrochemical Company (Petrochem) has decreased in the current quarter to be SR 62 Million in the current quarter compared to a profit of SR 83 Million for the same quarter of the previous year. |
| 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 attributed to:1. SIIGs share of result of the National Petrochemical Company (Petrochem) has increased in the current quarter to be a profit of SR 62 million, compared to losses of SR (95) Million for the previous quarter, as a result of the Petrochem’s decision in its project to permanently shut down the Polystyrene unit and fully depreciated it during the previous quarter.2. Decrease in the Zakat expense.3. Even though, SIIGs share of result of the jointly managed projects has decreased in the current quarter to be a profit of SR 31 million, compared to a profit of SR 53 Million in the previous quarter, as a result of a decrease in the profit margin due to an increase in the feedstock prices. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to |
The reasons for the decrease in the net income during the current period compared with the same period in the previous year are attributed to:1. SIIGs share of result of the jointly managed projects has decreased in the current period to be a losses of SR (106) Million, compared to a profit of SR 285 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 (9) Million in the current period compared to a profit of SR 268 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 period, which impacted SIIG net income by SR )127( million. In addition to the decrease in products prices |
| Basis of the External Auditor’s Opinion |
Unmodified opinion |
| Reclassification of Comparison Items |
Certain prior period figures have been re-classified to confirm with the presentation in the current period. |
