Financial Results : SIIG swings to loss of SAR 229 mln in H1 2020

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 %)

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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