SIIG 9M 2022 net profit drops 43% to SAR 574 mln; Q3 at SAR 55 mln

03/11/2022 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 574 million for the first nine months of 2022, a slump of 43%, compared to SAR 1.015 billion in the year-earlier period, driven by lower profit share from jointly managed projects due to lower profit margins, higher feedstock costs and lower sales volumes.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Operating Income	(41.45)	(52.50)	(26.7 %)
Net Income	1,014.62	573.88	(43.4 %)
Average Shares	450.00	678.60	50.8 %
EPS (Riyals)	2.25	0.85	(62.5 %)

SIIG also cited an increase in Zakat as well as general and administrative expenses (G&As) during the nine-month period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Operating Income	(12.95)	(7.19)	44.5 %
Net Income	203.95	54.80	(73.1 %)
Average Shares	450.00	678.60	50.8 %
EPS (Riyals)	0.45	0.08	(82.2 %)

Item	Q2 2022	Q3 2022	Change‬
Operating Income	(35.78)	(7.19)	79.9 %
Net Income	284.20	54.80	(80.7 %)
Average Shares	678.60	678.60	-
EPS (Riyals)	0.42	0.08	(80.7 %)

Q3 net profit after Zakat and tax plummeted 73% year-on-year (YoY) to SAR 55 million from SAR 204 million, on lower profit share from jointly managed projects due to lower selling prices and higher feedstock costs.

On a sequential basis, Q3 net profit dropped 80.6%, from SAR 284 million.

Total shareholders’ equity, after minority rights, reached SAR 11.548 billion as of Sept. 30, 2022, compared to SAR 7.201 billion in prior-year period.

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