SIIG swings to profit of SAR 811 mln in H1 2021

04/08/2021 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) turned to a net profit before Zakat and tax of SAR 811 million in the first half of 2021, against a net loss of SAR 229 million a year earlier.

The profit growth was driven by the company's jointly managed projects that made a profit of SAR 387 million in H1 2021, against a loss of SAR 137 million a year earlier. In addition, the company's profit share from National Petrochemical Co.'s (Petrochem) increased to SAR 457 million on higher product prices. The firm also cited lower Zakat expenses and finance costs.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	2,861.17	-	-
Gross Income	125.14	-	-
Operating Income	(133.05)	(28.50)	78.6 %
Net Income	(228.85)	810.68	454.2 %
Average Shares	450.00	450.00	-
EPS (Riyals)	(0.51)	1.80	454.2 %

SIIG also swung to a net profit before Zakat and tax of SAR 505 million in Q2 2021, versus a loss of SAR 55 million in the corresponding period of 2020, on profit from jointly managed projects, as well as lower Zakat expenses and finance costs.

On a sequential basis, Q2 2021 net profit increased 65.5%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	1,345.88	-	-
Gross Income	(121.69)	-	-
Operating Income	(249.79)	(18.78)	92.5 %
Net Income	(54.94)	505.26	1019.7 %
Average Shares	450.00	450.00	-
EPS (Riyals)	(0.12)	1.12	1019.7 %

Item	Q1 2021	Q2 2021	Change‬
Operating Income	(9.72)	(18.78)	(93.3 %)
Net Income	305.41	505.26	65.4 %
Average Shares	450.00	450.00	-
EPS (Riyals)	0.68	1.12	65.4 %

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