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

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 %

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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