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Saudi Industrial Investment Group announces the interim financial results for the period ending on 31-03-2017 (Three Months)

SIIG 2250 -1.02% 21.38 -0.22
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 310 29 968.97 52 496.15
Gross profit (loss) 502 425 18.12 51.9 867.24
Operational profit (loss) 592 259 128.57 39 1,417.95
Earning or loss per share, Riyals 0.69 0.06 - - -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reasons for the increase in the net income and operating profit during the current quarter compared with the same quarter of last year are:
1-An increase in SIIGs portion of the projects managed jointly (SCP, JCP) profit to be SR 261 Million in the current quarter compared to SR 93 Million for the same quarter of the previous year.
2-An increase in SIIGs portion of the National Petrochemical Company (Petrochem) results to be SR 84 Million in the current quarter compared to profit SR 61 Million for the same quarter of the previous year.
3-A decrease of SIIGs financing payments to its subsidiary Petrochemical Conversion Company (PCC).
4- Ceasing to recognize its share of the accumulated losses in PCC, in accordance with International Financial Reporting Standards (IFRS), after the accumulated losses exceeded the SIIGs investment, which amounted to SR 61 Million for the same quarter last year.
The reason for the increase in the gross profit is due to Petrochem gross profit increase.
Reasons of increase (decrease) for quarter compared with previous quarter The reasons for the increase in the net income and operating profit during the current quarter compared with the previous quarter are:
1- An Increase in SIIGs portion of the projects managed jointly (SCP, JCP) profit to be SR 261 Million in the current quarter compared to SR 138 Million for the previous quarter due to.
2-An increase in SIIGs portion of the National Petrochemical Company (Petrochem) results to be SR 84 Million in the current quarter compared to losses SR (62) Million for the previous quarter due to the scheduled maintenance in Petrochem project (SPCo.) in fourth quarter 2016.
The reason for the increase in the gross profit is due to Petrochem gross profit increase.
Reclassifications in quarterly financial results Certain figures have been re-classified to conform to the presentation in the current quarter.
Other notes Gross sales of the current quarter are SR 1,685 Million, compared to SR 1,659 Million for the similar quarter last year with an increase of 1.5%.
The shareholders equity (Excluding minority interests) till the end of the current quarter is SR 6,327 Million, compared to SR 6,017 Million in the similar quarter of last year, with an increase of 1.58%.
The total comprehensive income for the current quarter is SR 472 Million, compared to SR 154 Million for the similar quarter of last year, with an increase of 209.2%.
With reference to the SIIG previous announcement on Tadawul on 31 Jan 2017, the stages of its transition to adopting International Financial Reporting Standards (IFRS) (Phase III), SIIG wants to clarify that, based on the final results of the financial statements, the significant impact of SIIG investments has decreased the amounting of SR 1,538 Million distributed as follows:
- SIIGs investment in PCC decreased by SR 1,513 Million, not as previously announced SR 1,323 Million.
- The decline in its investment in the National Petrochemical Company (Petrochem) decreased 25 Million riyals, not the previously announced SR 159 Million riyals.
The impact of this was reflected in the reduction of the retained earnings balance upon adopting International Financial Reporting Standards (IFRS) on 1 Jan 2017.
The Company has adopted the International Financial Reporting Standards (IFRS) effective 1 Jan 2017. Accordingly, some changes in the Company financial statements have been made in a number of items in the measurement, recognition, presentation and disclosure method for the current and comparative periods, which are in accordance with the accounting policies of the IFRS and other standards endorsed by the Saudi Organization for Certified Public Accountants. For further details, please refer to Note 5 (First time adoption of IFRS) in the notes attached to the interim condensed consolidated financial statements for the three-month period ended 31 Mar 2017.

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