SIIG net profit drops 36% to SAR 519 mln in H1 2022; Q2 at SAR 284 mln

03/08/2022 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 519 million for H1 2022, a 36% fall from SAR 811 million in the corresponding period a year earlier.

SIIG attributed the lower profit to a decline in its profit share from jointly-managed projects due to an increase in feedstock costs, as well as higher general and administrative (G&A) expenses. The company also cited higher Zakat expenses, as its subsidiary, National Petrochemical Co. (Petrochem), reversed a Zakat provision in H1 2021.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Operating Income	(28.50)	(45.31)	(59.0 %)
Net Income	810.68	519.08	(36.0 %)
Average Shares	450.00	678.60	50.8 %
EPS (Riyals)	1.80	0.76	(57.5 %)

In Q2 2022, net profit after Zakat and tax plunged 44% to SAR 284 million, from SAR 505 million in the year-earlier period.

The lower net profit for the quarter was attributed to a decline in SIIG’s profit share from jointly-managed projects due to an increase in feedstock costs, as well as higher G&A expenses.

SIIG also cited higher Zakat expenses, as its subsidiary, Petrochem, wrote back a Zakat provision in H1 2021.

Compared to Q1 2022, the group’s net profit jumped 20.9% from SAR 234.88 million, thanks to a rise in SIIG’s profit share from Petrochem.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Operating Income	(18.78)	(35.78)	(90.5 %)
Net Income	505.26	284.20	(43.8 %)
Average Shares	450.00	678.60	50.8 %
EPS (Riyals)	1.12	0.42	(62.7 %)

Item	Q1 2022	Q2 2022	Change‬
Operating Income	(9.53)	(35.78)	(275.5 %)
Net Income	234.88	284.20	21.0 %
Average Shares	678.60	678.60	-
EPS (Riyals)	0.35	0.42	21.0 %

Total shareholders’ equity, after minority interest, stood at SAR 11.396 billion as of June 30, 2022, compared to SAR 6.997 billion a year earlier.

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