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Saudi Industrial Investment Group announces its Interim Financial results for the Period Ending on 2023-12-31 ( Twelve Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | - | - | - | - | - |
| Gross Profit (Loss) | - | - | - | - | - |
| Operational Profit (Loss) | 24 | -308 | - | 219 | -89.041 |
| Net profit (Loss) | 11 | -296 | - | 222 | -95.045 |
| Total Comprehensive Income | -11 | -294 | -96.258 | 222 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | - | - | - |
| Gross Profit (Loss) | - | - | - |
| Operational Profit (Loss) | 125 | 422 | -70.379 |
| Net profit (Loss) | 112 | 277 | -59.566 |
| Total Comprehensive Income | 90 | 376 | -76.063 |
| Total Share Holders Equity (After Deducting the Minority Equity) | 10,023 | 10,687 | -6.213 |
| Profit (Loss) per Share | 0.15 | 0.41 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales and Gross profit” do not appear in the profit or loss statement. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the increase in the net income during current quarter compared with the same quarter of last year is: 1- SIIG’s share of profit of the joint ventures has increased in the current quarter, as the JVs have made a profit compared to a loss during the same quarter of last year, as a result of a scheduled turnaround maintenance during the same quarter of last year for SIIG’s JV “Saudi Polymer Company”. Note that there were: - A decrease in the financing income “Murabaha”. - An increase in the Zakat expense. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales and Gross profit” do not appear in the profit or loss statement. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reasons for the decrease in the net income during the current quarter compared with the previous quarter is: 1- SIIG’s share of profit of the joint ventures has decreased due to: - An increase in the feedstock costs. - A decrease in the sales quantities. 2- A decrease in the financing income “Murabaha”. 3- An increase in the Zakat expense. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales and Gross profit” do not appear in the profit or loss statement. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reasons for the decrease in the net income during the current period compared with the same period of last year are: 1- SIIG’s share of profit of the joint ventures has decreased due to: - The unplanned shutdown of the project “Saudi Polymer Company” during the current period of the current year. - A decrease in the selling prices. Note that there were: - An increase in the financing income “Murabaha”. - A decrease in the general and administrative expenses. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not Applicable |
| Reclassification of Comparison Items | Certain prior period figures have been re-classified to confirm with the presentation in the current period. |
| Additional Information | Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales and Gross profit” do not appear in the profit or loss statement. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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