Saudi Industrial Investment Group (SIIG) posted a net loss after Zakat and tax of SAR 229 million for the first half of 2020, compared to a net profit of SAR 383 million in the year-earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 3,670.87 | 2,861.17 | (22.1 %) |
| Gross Income | 977.30 | 125.14 | (87.2 %) |
| Operating Income | 686.11 | (133.05) | (119.4 %) |
| Net Income | 383.32 | (228.85) | (159.7 %) |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 0.85 | (0.51) | (159.7 %) |
The company cited a loss of SAR 137 million from its share of jointly managed projects due to a sharp decrease in products prices. Besides, SIIG's net income was impacted by SAR 127 million after the National Petrochemical Company (Petrochem) permanently shut down and depreciated its Polystyrene unit, as well as a decrease in other revenues.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,650.76 | 1,345.88 | (18.5 %) |
| Gross Income | 459.89 | (121.69) | (126.5 %) |
| Operating Income | 323.07 | (249.79) | (177.3 %) |
| Net Income | 205.11 | (54.94) | (126.8 %) |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 0.46 | (0.12) | (126.8 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 1,572.92 | 1,345.88 | (14.4 %) |
| Gross Income | 246.83 | (121.69) | (149.3 %) |
| Operating Income | 116.74 | (249.79) | (314.0 %) |
| Net Income | (173.91) | (54.94) | 68.4 % |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | (0.39) | (0.12) | 68.4 % |
The company reported a net loss after Zakat and tax of SAR 55 million in Q2 2020, compared to a net profit of SAR 205 million a year earlier, due to higher Zakat expenses, a decline in other income and drop in profit share from jointly managed properties.
On a sequential basis, SIIG's net loss after Zakat and tax narrowed due to a decline in financial costs and higher profit share from jointly managed projects.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}