SIIG turns to SAR 1.015 bln net profit in 9M 2021

27/10/2021 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 1.015 billion for the first nine months of 2021, from a net loss of SAR 143.4 million in the same period last year.

The company attributed the net profit to a higher share of profit from its jointly managed projects, driven by the increase in the average sales prices of products and lower Zakat expenses as Petrochem has reverse Zakat provisions relating to previous years in this quarter.

In addition, Petrochem permanently wrote off its Polystyrene unit and fully depreciated during the same period of the previous year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Operating Income	(27.99)	(41.45)	(48.1 %)
Net Income	(143.37)	1,014.62	807.7 %
Average Shares	450.00	450.00	-
EPS (Riyals)	(0.32)	2.25	807.7 %

The group reported a net profit of SAR 204 million for Q3 2021, a 138.7% year-on-year (YoY) increase.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Operating Income	(6.96)	(12.95)	(86.1 %)
Net Income	85.48	203.95	138.6 %
Average Shares	450.00	450.00	-
EPS (Riyals)	0.19	0.45	138.6 %

Item	Q2 2021	Q3 2021	Change‬
Operating Income	(18.78)	(12.95)	31.0 %
Net Income	505.26	203.95	(59.6 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	1.12	0.45	(59.6 %)

On a sequential basis, net profit fell 59.6% from SAR 505.26 million in Q2 2021 due to share of profit from its jointly managed projects and higher Zakat expense.

Shareholders’ equity, after minority interest, increased 12.06% to SAR 7.201 billion as of Sept. 30, 2021, from SAR 6.426 billion a year earlier.

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