SIIG profit soars 88% to SAR 190M in 9M 2024; Q3 at SAR 98M

31/10/2024 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) posted an 88% leap in net profit to SAR 190 million in the first nine months of 2024, from SAR 101 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Operating Income	(43.53)	(47.09)	(8.2 %)
Net Income	100.96	189.99	88.2 %
Average Shares	754.80	754.80	-
EPS (Riyals)	0.13	0.25	88.2 %

The nine-month earnings were buoyed by higher profit share from joint ventures (JVs), due to higher sales volumes on the unscheduled maintenance at Saudi Polymers Co. (SPCo) during the corresponding period.

The company also reported a marginal rise in product selling prices and a decline in Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Operating Income	(21.84)	(20.09)	8.0 %
Net Income	222.35	98.09	(55.9 %)
Average Shares	754.80	754.80	-
EPS (Riyals)	0.29	0.13	(55.9 %)

Item	Q2 2024	Q3 2024	Change‬
Operating Income	(15.16)	(20.09)	(32.5 %)
Net Income	64.37	98.09	52.4 %
Average Shares	754.80	754.80	-
EPS (Riyals)	0.09	0.13	52.4 %

On the other hand, SIIG reported higher energy and feedstock costs, as well as lower returns from Murabaha agreements.

The Q3 2024 net profit dropped 56% to SAR 98 million, from SAR 222.3 million in the prior-year period.

On a quarterly basis, net earnings jumped 52.3% from SAR 64.37 million Q2 2024.

Total shareholders’ equity, no minority interest, declined to SAR 9.83 billion as of Sept. 30, 2024, from SAR 10.41 billion a year earlier.

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