SIIG records losses of SR 296 mln in Q4, SR 277 mln profits at the end of 2022

The Saudi Industrial Investment Group recorded losses of SR296 million during the fourth quarter, compared to profits of SR122 million in the same quarter of the year before last. This comes after today’s announcement of the Interim Financial Results for the period ending on 12-31-2022 (twelve months).
The operating losses amounted to SR308 million in the fourth quarter, compared to a profit of SR272 million in the same quarter of the previous year.
Net profit in the current period amounted to SR277 million, compared to SR1.13 billion in the same period last year, a decline of 76%.
Earnings per share in the current period amounted to SR0.41, compared to SR2.53 in the same period of the year before last.
The reason for the decrease in net income and incurring losses during the current quarter compared to the same quarter of the previous year is:
1 . SIIG’s jointly managed projects have incurred losses in this current quarter, due to:
– Scheduled turnaround maintenance for SIIG’s Saudi Polymer Company during the current quarter.
– lower selling prices.
The reasons for the decrease in the net income and incurring losses during the current quarter compared with the previous quarter is:
1. SIIG’s jointly managed projects have incurred losses in this current quarter, due to:
– Scheduled turnaround maintenance for SIIG’s Saudi Polymer Company during the current quarter.
– lower selling prices.
2. An increase in the general and administrative expenses.
The reasons for the decrease in the net income during the current period compared with the same period of the previous year are:
1. SIIG’s share of profit of the jointly managed projects has decreased in the current period, due to
– Lower profit margin because of higher feedstock costs and lower selling prices.
– Scheduled turnaround maintenance for SIIG’s Saudi Polymer Company during the current period.
2. An increase in the Zakat expenses as the company has reversed zakat provisions relating to previous years during the same period of the previous year.
The Company said that certain prior period figures have been re-classified to confirm with the presentation in the current period.