SIIG incurs SAR 121 mln loss in H1 2023, earns SAR 120 mln in Q2

01/08/2023 Argaam Exclusive

View other reports

Saudi Industrial Investment Group (SIIG) swung to a net loss of SAR 121 million in H1 2023, against a net profit of SAR 519 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Operating Income	(45.31)	(21.69)	52.1 %
Net Income	519.08	(121.39)	(123.4 %)
Average Shares	678.60	754.80	11.2 %
EPS (Riyals)	0.76	(0.16)	(121.0 %)

The negative results were attributed to the losses realized on jointly managed projects, the lower prices of some products, and unplanned turnaround maintenance for Saudi Polymer Co.

In Q2 2023, SIIG’s net profit fell by 58% to SAR 120 from SAR 284.2 million in the year-earlier period as the company’s profit share from joint ventures decreased on lower product selling prices.

SIIG reported positive results in the current quarter against a net loss of SAR 241.5 million in Q1 2023. The company’s profit share from joint ventures during the current quarter improved due to the unplanned shutdown of SPC.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Operating Income	(35.78)	(13.22)	63.0 %
Net Income	284.20	120.11	(57.7 %)
Average Shares	678.60	754.80	11.2 %
EPS (Riyals)	0.42	0.16	(62.0 %)

Item	Q1 2023	Q2 2023	Change‬
Operating Income	(8.47)	(13.22)	(56.2 %)
Net Income	(241.50)	120.11	149.7 %
Average Shares	754.80	754.80	-
EPS (Riyals)	(0.32)	0.16	149.7 %

Total shareholders’ equity, after minority interest, dropped to SAR 10.56 billion as of June 30, 2023, from SAR 11.39 billion in the earlier-year period.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×