Saudi Industrial Investment Group (SIIG) turned to a net profit before Zakat and tax of SAR 811 million in the first half of 2021, against a net loss of SAR 229 million a year earlier.
The profit growth was driven by the company's jointly managed projects that made a profit of SAR 387 million in H1 2021, against a loss of SAR 137 million a year earlier. In addition, the company's profit share from National Petrochemical Co.'s (Petrochem) increased to SAR 457 million on higher product prices. The firm also cited lower Zakat expenses and finance costs.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 2,861.17 | - | - |
| Gross Income | 125.14 | - | - |
| Operating Income | (133.05) | (28.50) | 78.6 % |
| Net Income | (228.85) | 810.68 | 454.2 % |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | (0.51) | 1.80 | 454.2 % |
SIIG also swung to a net profit before Zakat and tax of SAR 505 million in Q2 2021, versus a loss of SAR 55 million in the corresponding period of 2020, on profit from jointly managed projects, as well as lower Zakat expenses and finance costs.
On a sequential basis, Q2 2021 net profit increased 65.5%.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 1,345.88 | - | - |
| Gross Income | (121.69) | - | - |
| Operating Income | (249.79) | (18.78) | 92.5 % |
| Net Income | (54.94) | 505.26 | 1019.7 % |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | (0.12) | 1.12 | 1019.7 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Operating Income | (9.72) | (18.78) | (93.3 %) |
| Net Income | 305.41 | 505.26 | 65.4 % |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 0.68 | 1.12 | 65.4 % |
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