SIIG records losses of SAR 242 million during Q1

The Saudi Industrial Investment Group recorded losses after zakat and tax of SAR 242 million during the first quarter, compared to a profit of SAR 235 million. This came after the announcement on Wednesday of the interim financial results for the period ended on 31.03.2023 (3 months).

The operational loss amounted to SAR 237 million during the first quarter, compared to a profit of SAR 372 million riyals.

The loss per share amounted to SAR 0.32 riyals during the first quarter, compared to a profit of SAR 235 million.

The reason for making losses during the current quarter compared to the same quarter of the previous year is:

1. SIIG’s jointly managed projects have made losses due to:

– Un-scheduled turnaround maintenance for SIIG’s project “Saudi Polymer Company” during the current quarter.

– Lower selling prices.

-The reasons for the decrease in the net losses during current quarter compared with previous quarter are due to:

1. A decrease in SIIG’s loss in their share of results in its jointly managed projects as there was a scheduled turnaround maintenance for SIIG’s project “Saudi Polymer Company” during the 4th quarter of 2022.
2. A decrease in the General and administrative expenses.
3. Higher selling prices.

Noting that the un-scheduled turnaround maintenance for SIIG’s project “Saudi Polymer Company” during current quarter is the main reason for loss-making during the current quarter.

The company stated that certain prior period figures have been re-classified to confirm with the presentation in the current period.

As the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in all its joint venture companies, the Sales and Gross profit financial items do not appear in the profit or loss statement.