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Saudi Industrial Investment Group announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | - | - | - | ||
| Gross Profit (Loss) | - | - | - | ||
| Operational Profit (Loss) | 422 | 1,837 | -77.03 | ||
| Net Profit (Loss) after Zakat and Tax | 277 | 1,136 | -75.62 | ||
| Total Comprehensive Income | 376 | 1,142 | -67.08 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 10,687 | 7,328 | 45.84 | ||
| Profit (Loss) per Share | 0.41 | 2.53 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the decrease in the net income during the current year compared to previous year is: 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 the Saudi Polymer Company during current year. 2) An increase in the Zakat expenses as the company had reversed last year’s zakat provisions relating to previous years . |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Certain prior period figures have been re-classified to confirm with the presentation in the current year. |
| Additional Information | 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. |
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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