SIIG profits decreased to SR122 million during the 4Q, by 48%

The net profit of the Saudi Industrial Investment Group (SIIG) after zakat and tax decreased to SR122 million during the fourth quarter, compared to SR235 million during the same quarter of the year before last by 48%. months).

This came after Saudi Industrial Investment Group announced on Thursday its interim financial results for the period ending on 31-12-2021 (twelve months)

The operational profit during the current quarter amounted to SR272 million, compared to SR314 million during the same period last year, a decrease of 13%.

The net profit during the current period amounted to SR1.13 billion, compared to SR92 million during the same period last year, a growth of 1.134%.

Earnings per share during the current period amounted to SR2.53, compared to SR0.2 during the same period of the previous year.

The reason for the decrease in net income during the current quarter compared to the same quarter of the previous year

1. SIIG’s share of profit of the jointly managed projects has decreased in the current quarter, due to an increase in the feedstock costs, in addition to the scheduled turnaround maintenance and catalyst replacement for its project “SCP” during the current quarter.
2. An increase in the zakat expenses in the current quarter.

The reasons for the decrease in the net income during the current quarter compared with the previous quarter are:

1. SIIG’s share of profit of the jointly managed projects has decreased in the current quarter, due to an increase in the feedstock costs, in addition to the scheduled turnaround maintenance and catalyst replacement for its project “SCP” during the current quarter.
2. An increase in the Zakat expenses in the current quarter.
3. An increase in the general and administrative expenses.

The reasons for the increase in the net income during the current period compared with the same period in the previous year are:

1. SIIG’s share of profit of the jointly managed projects has increased in the current period, due to an increase in the sales prices of the project’s products.

The company said that it draws attention to Note 14 to the accompanying condensed consolidated interim financial statements, which sets out the impact of the restatement on investments in Saudi Polymers Company (“SPCO”) and Gulf Polymers Distribution Company (“GPDC”) that were previously consolidated by the Company’s subsidiary, National Petrochemical Company (“Petrochem”). Based on Petrochem’s reassessment of its contractual arrangements with the respective shareholders of SPCO and GPDC, these investments should have been accounted for as investments in joint ventures using the equity method as Petrochem exercised joint control over these investments.

Note 14 to the accompanying condensed consolidated interim financial statements sets out:

– the impact of this restatement to the respective 2020 comparative periods of these condensed consolidated interim financial statements; and

– that the restatement had no impact on the total equity attributable to the shareholders of the

The company, net income, and earnings per share (basic and diluted).

Certain prior period figures have been re-classified to confirm with the presentation in the current period.