Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 235 million for Q1 2022, a 23% decline from a profit of SAR 305 million in the same period a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Operating Income | (9.72) | (9.53) | 1.9 % |
| Net Income | 305.41 | 234.88 | (23.1 %) |
| Average Shares | 450.00 | 678.60 | 50.8 % |
| EPS (Riyals) | 0.68 | 0.35 | (49.0 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Operating Income | (27.66) | (9.53) | 65.6 % |
| Net Income | 121.65 | 234.88 | 93.1 % |
| Average Shares | 450.00 | 678.60 | 50.8 % |
| EPS (Riyals) | 0.27 | 0.35 | 28.0 % |
The lower net profit was attributed to a decline in SIIG’s profit share from jointly-managed projects due to an increase in feedstock costs, which decreased profit margins.
Sequentially, the group’s net profit grew 92.6% from a profit of SAR 122 million in Q4 2021.
Total shareholders’ equity stood at SAR 7.563 billion as of March 31, 2022, increasing by 12.6% from SAR 6.717 billion a year earlier.
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