Financial Results : SIIG turns to SAR 28M profit in Q1 2024

SIIG turns to SAR 28M profit in Q1 2024

09/05/2024 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) swung to a net profit of SAR 28 million in Q1 2024, against a net loss of SAR 242 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Operating Income (8.47) (11.84) (39.8 %)
Net Income (241.50) 27.53 111.4 %
Average Shares 754.80 754.80 -
EPS (Riyals) (0.32) 0.04 111.4 %
The positive results were driven by SIIG’s higher profit share from joint ventures (JVs) in Q1 2024, as the JVs swung to profits from losses in Q1 2023, due to the unscheduled turnaround maintenance of Saudi Polymer Co.
 
The company also reported lower Zakat expenses despite a decline in Murabaha income and higher general and administrative expenses.
 
SIIG’s Q1 net profit surged 154% from SAR 11 million in Q4 2023.
 
Total shareholders’ equity, after minority interest, increased to SAR 10.05 billion as of March 31, 2024, from SAR 10.44 billion a year earlier.

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