SIIG swings to loss of SAR 229 mln in H1 2020

27/07/2020 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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.

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