Saudi Industrial Investment Group announces its Annual Financial results for the period ending on 2023-12-31
Element List | Current Year | Previous Year | %Change | ||
---|---|---|---|---|---|
Sales/Revenue | - | - | - | ||
Gross Profit (Loss) | - | - | - | ||
Operational Profit (Loss) | 125 | 422 | -70.38 | ||
Net profit (Loss) | 112 | 277 | -59.57 | ||
Total Comprehensive Income | 90 | 376 | -76.06 | ||
Total Share Holders Equity (After Deducting the Minority Equity) | 10,023 | 10,687 | -6.21 | ||
Profit (Loss) per Share | 0.15 | 0.41 | |||
All figures are in (Millions) Saudi Arabia, Riyals |
Element List | Amount | Percentage of the capital (%) | |
---|---|---|---|
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
All figures are in (Millions) Saudi Arabia, Riyals |
Element List | Explanation |
---|---|
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales/Revenue and Gross profit” do not appear in the profit or loss statement. |
The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reasons for the decrease in the net income during the current year compared to last year are:
SIIG’s share of profit of the joint ventures has decreased due to: • A decrease in the selling prices, across all products. • The unplanned shutdown of the project “Saudi Polymer Company” during the current year. Note that there were: - An increase in the financing income “Murabaha”. - A decrease in the general and administrative expenses. |
Statement of the type of external auditor's report | Unmodified opinion |
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not Applicable |
Reclassification of Comparison Items | Certain prior year figures have been re-classified to confirm with the presentation in the current year. |
Additional Information | Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales/Revenue and Gross profit” do not appear in the profit or loss statement. |
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