Saudi Industrial Investment Group (SIIG) posted a net loss after Zakat and tax of SAR 143 million for the first nine months of 2020, compared to a net profit of SAR 544 million in the year-earlier period.
The company noted a loss of SAR 106 million from its share of jointly managed projects due to a sharp decrease in products prices. In addition, SIIG also cited a loss of SAR 9 million from the National Petrochemical Co. (Petrochem) as the latter permanently shut down and depreciated its Polystyrene unit.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 5,628.85 | - | - |
| Gross Income | 1,468.46 | - | - |
| Operating Income | 1,013.57 | (27.99) | (102.8 %) |
| Net Income | 543.59 | (143.37) | (126.4 %) |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 1.21 | (0.32) | (126.4 %) |
The company reported a net profit after Zakat and tax of SAR 85 million in Q3 2020, a decrease of 47% year-on-year (YoY).
On a sequential basis, SIIG turned to net profit in Q3 against a loss of SAR 55 million.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,957.97 | - | - |
| Gross Income | 491.15 | - | - |
| Operating Income | 327.45 | (6.96) | (102.1 %) |
| Net Income | 160.27 | 85.48 | (46.7 %) |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | 0.36 | 0.19 | (46.7 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,345.88 | - | - |
| Gross Income | (121.69) | - | - |
| Operating Income | (249.79) | (6.96) | 97.2 % |
| Net Income | (54.94) | 85.48 | 255.6 % |
| Average Shares | 450.00 | 450.00 | - |
| EPS (Riyals) | (0.12) | 0.19 | 255.6 % |
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