SIIG 2024 profit jumps 79% to SAR 201M; Q4 at SAR 11M on Zakat provision reversal

06/02/2025 Argaam Exclusive

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Saudi Industrial Investment Group’s (SIIG) net profit rose by 79% SAR 201 million for 2024, compared to SAR 112 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Operating Income	125.00	115.00	(8.0 %)
Net Income	112.00	201.00	79.5 %
Average Shares	754.80	754.80	-
Earnings Per Share before unusual items	0.15	0.15	(0.9 %)
EPS (Riyals)	0.15	0.27	79.5 %

Zakat expenses decreased in 2024 due to the reversal of Zakat provisions amounting to SAR 99 million, related to previous years. This occurred after the resolution of Zakat cases in 2024 and the company being notified by the authority regarding the due amounts.

In addition, profit share from joint ventures (JVs) edged up on higher sales volumes, despite scheduled maintenance activities in Q1 for Saudi Chevron Phillips and Jubail Chevron Phillips projects, as well as an unscheduled shutdown in Q4 for Saudi Polymers Co. (SPCo).

SIIG reported higher energy and feedstock costs and returns from Murabaha agreements decreased.

Since SIIG follows the equity method when accounting for its investments in JVs, “sales/revenue and gross profit” do not appear in its financial statement.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Operating Income	24.00	(89.00)	(470.8 %)
Net Income	11.00	11.00	-
Average Shares	754.80	754.80	-
Earnings Per Share before unusual items	0.01	(0.10)	(818.2 %)
EPS (Riyals)	0.01	0.01	-

Item	Q3 2024	Q4 2024	Change‬
Operating Income	106.00	(89.00)	(184.0 %)
Net Income	98.09	11.00	(88.8 %)
Average Shares	754.80	754.80	-
Earnings Per Share before unusual items	0.13	(0.10)	(180.5 %)
EPS (Riyals)	0.13	0.01	(88.8 %)

The Q4 2024 net profit remained unchanged at SAR 11 million, compared to the prior-year period due to the reversal of Zakat provisions amounting to SAR 90 million, related to previous years, after the resolution of Zakat cases.

On a quarterly basis, net earnings plunged 88.8% from SAR 98.09 million in Q3 2024, as SIIG’s share of profit in its JV investments decreased because of the unscheduled turnaround maintenance at SPCo.

Total shareholders’ equity, after minority interest, declined to SAR 9.83 billion as of Dec. 31, 2024, from SAR 10.02 billion a year earlier.

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Quarterly Actuals vs Estimates 05/02/202506/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
ANB	1,215.15	1,256.47	3.4 %
SIIG	93.20	(79.00)	(184.8 %)

Company	Estimated	Actual	Change
ANB	1,215.15	1,256.47	3.4 %

Company	Estimated	Actual	Change
SIIG	93.20	(79.00)	(184.8 %)

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