Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 519 million for H1 2022, a 36% fall from SAR 811 million in the corresponding period a year earlier.
SIIG attributed the lower profit to a decline in its profit share from jointly-managed projects due to an increase in feedstock costs, as well as higher general and administrative (G&A) expenses. The company also cited higher Zakat expenses, as its subsidiary, National Petrochemical Co. (Petrochem), reversed a Zakat provision in H1 2021.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Operating Income | (28.50) | (45.31) | (59.0 %) |
| Net Income | 810.68 | 519.08 | (36.0 %) |
| Average Shares | 450.00 | 678.60 | 50.8 % |
| EPS (Riyals) | 1.80 | 0.76 | (57.5 %) |
In Q2 2022, net profit after Zakat and tax plunged 44% to SAR 284 million, from SAR 505 million in the year-earlier period.
The lower net profit for the quarter was attributed to a decline in SIIG’s profit share from jointly-managed projects due to an increase in feedstock costs, as well as higher G&A expenses.
SIIG also cited higher Zakat expenses, as its subsidiary, Petrochem, wrote back a Zakat provision in H1 2021.
Compared to Q1 2022, the group’s net profit jumped 20.9% from SAR 234.88 million, thanks to a rise in SIIG’s profit share from Petrochem.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Operating Income | (18.78) | (35.78) | (90.5 %) |
| Net Income | 505.26 | 284.20 | (43.8 %) |
| Average Shares | 450.00 | 678.60 | 50.8 % |
| EPS (Riyals) | 1.12 | 0.42 | (62.7 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Operating Income | (9.53) | (35.78) | (275.5 %) |
| Net Income | 234.88 | 284.20 | 21.0 % |
| Average Shares | 678.60 | 678.60 | - |
| EPS (Riyals) | 0.35 | 0.42 | 21.0 % |
Total shareholders’ equity, after minority interest, stood at SAR 11.396 billion as of June 30, 2022, compared to SAR 6.997 billion a year earlier.
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