Saudi Industrial Investment Group SIIG announces its Interim Financial Results for the Period Ending on 31-12-2019 ( Twelve Months )

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue1,8062,183-17.2691,958-7.763
Gross Profit (Loss)407455-10.549491-17.107
Operational Profit (Loss)23616939.644410-42.439
Net Profit (Loss) after Zakat and Tax6226138.461160-61.25
Total Comprehensive Income2657-54.385160-83.75
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue7,4358,930-16.741
Gross Profit (Loss)1,8762,683-30.078
Operational Profit (Loss)1,5352,292-33.027
Net Profit (Loss) after Zakat and Tax605865-30.057
Total Comprehensive Income570897-36.454
Total Share Holders Equity (after Deducting Minority Equity)6,7936,898-1.522
Profit (Loss) per Share1.261.8
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTEXPLANATION
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to-The reasons for the increase in the net income during the current quarter compared with the same quarter of the previous year are:1. SIIGs share of Losses of the projects managed jointly (SCP, JCP) has decreased in the current quarter to be SR (11) Million, due to a scheduled shutdown for (SCP) in Q4 2019, compared to SR (88) Million for the same quarter of the previous year.2. However, SIIGs share of profit of the National Petrochemical Company (Petrochem) has decreased in the current quarter to be SR 69 Million in the current quarter compared to SR 121 Million for the same quarter of the previous year, Even though the General and administrative, Selling and marketing, and finance costs have all decreased during the current quarter.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to-The reasons for the decrease in the net income during the current quarter compared with the previous quarter are:1. SIIGs share of profit of the projects managed jointly (SCP, JCP) has decreased in the current quarter to be Losses of SR (11) Million, compared to a profit of SR 83 Million for the previous quarter, as a result of a scheduled shutdown for (SCP) and a decrease in the prices of the products.2. SIIGs share of profit of the National Petrochemical Company (Petrochem) has decreased in the current quarter to be SR 69 Million, compared to SR 83 Million in the previous quarter.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to-The reasons for the decrease in the net income during the current period compared with the same period in the previous year are:1. SIIGs share of profit of the projects managed jointly (SCP, JCP) has decreased in the current period to be SR 274 Million, compared to SR 312 Million for the same period of the previous year, as a result of a scheduled shutdown for (SCP) and a decreased in the prices of the products.2. SIIGs share of profit of the National Petrochemical Company (Petrochem) has decreased in the current period to be SR 337 Million in the current period compared to SR 581 Million for the same period of the previous year.3. A decrease in other incomes.
Basis of the External Auditor’s OpinionUnmodified opinion
Reclassification of Comparison ItemsCertain prior period figures have been re-classified to confirm with the presentation in the current period.
Additional InformationFrom January 1, 2019, the Company has adopted IFRS 16 with no material impact on its interim financial statements.