Saudi Industrial Investment Group announces its interim Financial results for the period ending on 31-03-2019 ( Three Months )

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue2,0202,211-8.6382,183-7.466
Total Profit (Loss)517763-32.24145513.626
Profit (Loss) Operational454637-28.728171165.497
Net Profit (Loss) after Zakat and Tax178199-10.55226584.615
Total Comprehensive Income178199-10.55257212.28
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Total Share Holders Equity (after deducting minority equity)7,0766,7634.628
Profit (Loss) per Share0.40.44
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LISTEXPLANATION
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year-The reasons for the decrease in the net income during the current quarter compared with the same quarter of the previous year are:1- A decrease in SIIGs share of profit of the National Petrochemical Company (Petrochem) to be SR 89 Million in the current quarter compared to SR 167 Million for the same quarter of the previous year.2- Noted that SIIGs share of profit of the projects managed jointly (SCP, JCP) has increased in the current quarter to be SR 91 Million, compared to SR 35 Million for the same quarter of the previous year.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter-The reasons for the increase in the net income during the current quarter compared with the previous quarter are:1- The projects managed jointly (SCP, JCP) has made a profit of SR 91 million in the current quarter compared to a loss of SR (88) million in the previous quarter, because of a high decrease in the products’ prices of those projects in the previous year.2- Noted that SIIGs share of profit of the National Petrochemical Company (Petrochem) has decreased in the current quarter to be SR 89 Million, compared to SR 121 Million in the previous quarter.
Type of the external auditor’s opinionUnmodified opinion
Reclassifications in quarter financial resultCertain prior period figures have been reclassified to conform with the presentation in the current period.
Additional InformationFrom 01 January 2019, the Company has adopted IFRS 16 with no material impact on its interim financial statements.