‎“SIIG” profits decreased to 120 million riyals during Q2, by 58%‎

The net profit after zakat and tax for the Saudi Industrial Investment Group Company decreased to 120 million riyals during the second quarter, compared to 284 million riyals in the same quarter of last year, by 58%. This came after today’s announcement of the preliminary financial results for the period ending on June 30. 2023 AD.

The operational profit amounted to 119 million riyals in the second quarter, compared to 299 million riyals in the same quarter of last year, a decrease of 60%, while the net loss after zakat and tax during the 6-month period amounted to 121 million riyals, compared to a profit of 519 million riyals in the same period last year.

The loss per share in the current period amounted to 0.16 riyals, compared to a profit of 0.88 riyals in the same period last year.

The reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year is due to:

1) Decrease in the group’s share in jointly managed projects as a result of lower product prices.

The reason for the improvement in the results of the current quarter compared to the previous quarter is due to:

1) The increase in the group’s share in the profits of jointly managed projects during the current quarter, due to the unscheduled stoppage of the Saudi Polymer Company project during the previous quarter of the current year.

2) Low zakat

The reason for achieving losses during the current period compared to the same period of the previous year is due to:

– The jointly managed projects achieved losses during the current period compared to the same period of the previous year as a result

1) Low selling prices of products

2) The unscheduled stoppage of the Saudi Polymer Company project during the current period of the current year.

The company said that some comparative numbers for the previous period have been reclassified to be in line with the presentation for the current period.

Additional information:

– Because the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in its jointly managed companies, the financial items (sales and gross profit) do not appear in the profit or loss statement.