Saudi Industrial Investment Group (SIIG) swung to a net loss of SAR 121 million in H1 2023, against a net profit of SAR 519 million in H1 2022.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Operating Income | (45.31) | (21.69) | 52.1 % |
| Net Income | 519.08 | (121.39) | (123.4 %) |
| Average Shares | 678.60 | 754.80 | 11.2 % |
| EPS (Riyals) | 0.76 | (0.16) | (121.0 %) |
The negative results were attributed to the losses realized on jointly managed projects, the lower prices of some products, and unplanned turnaround maintenance for Saudi Polymer Co.
In Q2 2023, SIIG’s net profit fell by 58% to SAR 120 from SAR 284.2 million in the year-earlier period as the company’s profit share from joint ventures decreased on lower product selling prices.
SIIG reported positive results in the current quarter against a net loss of SAR 241.5 million in Q1 2023. The company’s profit share from joint ventures during the current quarter improved due to the unplanned shutdown of SPC.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Operating Income | (35.78) | (13.22) | 63.0 % |
| Net Income | 284.20 | 120.11 | (57.7 %) |
| Average Shares | 678.60 | 754.80 | 11.2 % |
| EPS (Riyals) | 0.42 | 0.16 | (62.0 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Operating Income | (8.47) | (13.22) | (56.2 %) |
| Net Income | (241.50) | 120.11 | 149.7 % |
| Average Shares | 754.80 | 754.80 | - |
| EPS (Riyals) | (0.32) | 0.16 | 149.7 % |
Total shareholders’ equity, after minority interest, dropped to SAR 10.56 billion as of June 30, 2023, from SAR 11.39 billion in the earlier-year period.
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