SIIG makes SAR 92M profit in H1 2024, SAR 64M in Q2

01/08/2024 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) turned to a net profit of SAR 92 million in the first half of 2024, against a net loss of SAR 121 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Operating Income	(21.69)	(27.00)	(24.5 %)
Net Income	(121.39)	91.90	175.7 %
Average Shares	754.80	754.80	-
EPS (Riyals)	(0.16)	0.12	175.7 %

The first-half profit rise was spurred by higher profit share from joint ventures (JVs) , which swung to profits from losses during the period, due to higher sales volumes amid unscheduled maintenance at Saudi Polymers Co. (SPC) during the corresponding period.

Moreover, selling prices improved slightly despite higher feedstock and energy prices.

The company also reported lower Zakat expenses as a result of reversing Zakat provisions of SAR 9 million.

On the other hand, SIIG recorded a decline in Murabaha income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Operating Income	(13.22)	(15.16)	(14.6 %)
Net Income	120.11	64.37	(46.4 %)
Average Shares	754.80	754.80	-
EPS (Riyals)	0.16	0.09	(46.4 %)

Item	Q1 2024	Q2 2024	Change‬
Operating Income	(11.84)	(15.16)	(28.1 %)
Net Income	27.53	64.37	133.8 %
Average Shares	754.80	754.80	-
EPS (Riyals)	0.04	0.09	133.8 %

In Q2 2024, SIIG’s bottom line fell 47% to SAR 64 million, from SAR 120 million in Q2 2023, as the company’s profit share from JVs declined on higher feedstock and energy costs.

Net earnings more than doubled from SAR 27.53 million in Q1 2024, thanks to SIIG’s higher profit share from JVs amid better sales volumes.

Shareholders’ equity, excluding minority interest, stood at SAR 10.11 billion as of June 30, 2024, compared to SAR 10.56 billion a year earlier.

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