Financial Results : SIIG net profit down 23% to SAR 235 mln in Q1 2022

SIIG net profit down 23% to SAR 235 mln in Q1 2022

10/05/2022 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 235 million for Q1 2022, a 23% decline from a profit of SAR 305 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Operating Income (9.72) (9.53) 1.9 %
Net Income 305.41 234.88 (23.1 %)
Average Shares 450.00 678.60 50.8 %
EPS (Riyals) 0.68 0.35 (49.0 %)

The lower net profit was attributed to a decline in SIIG’s profit share from jointly-managed projects due to an increase in feedstock costs, which decreased profit margins. 

 

Sequentially, the group’s net profit grew 92.6% from a profit of SAR 122 million in Q4 2021.

 

Total shareholders’ equity stood at SAR 7.563 billion as of March 31, 2022, increasing by 12.6% from SAR 6.717 billion a year earlier.

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