Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 1.015 billion for the first nine months of 2021, from a net loss of SAR 143.4 million in the same period last year.
The company attributed the net profit to a higher share of profit from its jointly managed projects, driven by the increase in the average sales prices of products and lower Zakat expenses as Petrochem has reverse Zakat provisions relating to previous years in this quarter.
In addition, Petrochem permanently wrote off its Polystyrene unit and fully depreciated during the same period of the previous year.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Operating Income | (27.99) | (41.45) | (48.1 %) |
| Net Income | (143.37) | 1,014.62 | 807.7 % |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | (0.32) | 2.25 | 807.7 % |
The group reported a net profit of SAR 204 million for Q3 2021, a 138.7% year-on-year (YoY) increase.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Operating Income | (6.96) | (12.95) | (86.1 %) |
| Net Income | 85.48 | 203.95 | 138.6 % |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 0.19 | 0.45 | 138.6 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Operating Income | (18.78) | (12.95) | 31.0 % |
| Net Income | 505.26 | 203.95 | (59.6 %) |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 1.12 | 0.45 | (59.6 %) |
On a sequential basis, net profit fell 59.6% from SAR 505.26 million in Q2 2021 due to share of profit from its jointly managed projects and higher Zakat expense.
Shareholders’ equity, after minority interest, increased 12.06% to SAR 7.201 billion as of Sept. 30, 2021, from SAR 6.426 billion a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}