Financial Results : SIIG turns to loss of SAR 143 mln in 9M 2020

SIIG turns to loss of SAR 143 mln in 9M 2020

05/11/2020 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) posted a net loss after Zakat and tax of SAR 143 million for the first nine months of 2020, compared to a net profit of SAR 544 million in the year-earlier period.

 

The company noted a loss of SAR 106 million from its share of jointly managed projects due to a sharp decrease in products prices. In addition, SIIG also cited a loss of SAR 9 million from the National Petrochemical Co. (Petrochem) as the latter permanently shut down and depreciated its Polystyrene unit.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 5,628.85 - -
Gross Income 1,468.46 - -
Operating Income 1,013.57 (27.99) (102.8 %)
Net Income 543.59 (143.37) (126.4 %)
Average Shares 450.00 450.00 -
EPS (Riyals) 1.21 (0.32) (126.4 %)

The company reported a net profit after Zakat and tax of SAR 85 million in Q3 2020, a decrease of 47% year-on-year (YoY).

 

On a sequential basis, SIIG turned to net profit in Q3 against a loss of SAR 55 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 1,957.97 - -
Gross Income 491.15 - -
Operating Income 327.45 (6.96) (102.1 %)
Net Income 160.27 85.48 (46.7 %)
Average Shares 450.00 450.00 -
EPS (Riyals) 0.36 0.19 (46.7 %)

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