Saudi Industrial Investment Group (SIIG) swung to a net loss after Zakat and tax of SAR 174 million for the first quarter of 2020, compared to a net profit of SAR 178 million from the same period last year.
The company attributed it to lower profit share from National Petrochemical Co. (Petrochem) of SAR 24 million, decreased other income, and losses from jointly-manager projects of SAR 189 million.
When compared to the previous quarter, Q1 recorded net losses on lower other income and decline in profit share from Petrochem.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 2,020.11 | 1,572.92 | (22.1 %) |
| Gross Income | 517.41 | 246.83 | (52.3 %) |
| Operating Income | 363.05 | 116.74 | (67.8 %) |
| Net Income | 178.21 | (173.91) | (197.6 %) |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 0.40 | (0.39) | (197.6 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 1,869.64 | 1,572.92 | (15.9 %) |
| Gross Income | 414.40 | 246.83 | (40.4 %) |
| Operating Income | 253.08 | 116.74 | (53.9 %) |
| Net Income | 62.68 | (173.91) | (377.5 %) |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 0.14 | (0.39) | (377.5 %) |
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