Saudi Industrial Investment Group announces the interim financial results for the period ending on 31-03-2018 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 199 | 310 | -35.81 | 398 | -50 |
| Gross profit (loss) | 763 | 502 | 51.99 | 788 | -3.17 |
| Operational profit (loss) | 639 | 592 | 7.94 | 775 | -17.55 |
| Earning or loss per share, Riyals | 0.44 | 0.69 | - | - | - |
| 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 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 in the projects managed jointly (SCP, JCP) to be SR 37 Million in the current quarter compared to SR 261 Million for the same quarter of the previous year due to scheduled maintenance works that occurred during the current quarter. 2- An increase in selling and marketing expenses of the National Petrochemical Company (Petrochem) due to an increase in sold products. 3- An increase in financing expenses of the National Petrochemical Company (Petrochem). 4- Even though, SIIGs share of profit in National Petrochemical Company (Petrochem) has increased to be SR 167 Million in the current quarter compared to SR 84 Million for the same quarter of the previous year. -The reasons for the increase in the operating profit, are: 1-An increase in the gross profit. 2-A decrease of general and administration expenses. 3-There are no investment losses on the Jointly controlled project in the current quarter 2018. -The reason for the increase in the gross profit is due to the increase of National Petrochemical Company (Petrochem) gross profit. |
| Reasons of increase (decrease) for quarter compared with previous quarter | -The reasons for the decrease in the net income and operating profit during the current quarter compared with the previous quarter are: 1-A decrease in SIIGs share of profit in the projects managed jointly (SCP, JCP) to be SR 37 Million in the current quarter compared to SR 186 Million for the previous quarter due to scheduled maintenance works that occurred during the current quarter. 2-A decrease in SIIG share of profit in the National Petrochemical Company (Petrochem) to be SR 167 Million in the current quarter compared to SR 196 Million for the previous quarter. 3- A decrease of other revenues. 4- there was SR 31 Million capital gains in previous quarter resulting from the sale of PCC which is not repeated this quarter. -The reason for the decrease in the gross profit is due to the decrease in National Petrochemical Company Petrochem gross profit. |
| Reclassifications in quarterly financial results | Certain figures have been re-classified to conform to the presentation in the current quarter. |
| Other notes | -The gross sales for the current quarter amounted to SR 2,211 Million compared to SR 1,685 Million for the same quarter of the previous year with an increase of 31%, and compared to SR 2,169 Million in the last quarter with an increase of 1.93% -Total comprehensive income for the current quarter amounted to SR 199 Million compared to SR 310 Million for the same quarter previous year with a decrease of 35.8% and compared to SR 386 Million in previous quarter with a decrease of 48.4%. -The shareholders equity (Excluding non-controlling interests) at the current quarter is SR 6,763 Million compared to SR 6,327 Million for the same quarter previous year with an increase of 6.89%, and compared to SR 6,564 Million in the last quarter with an increase of 3%. -On January 1st, 2018 SIIG has adopted IFRS 9 and 15 with no material impact on SIIG financials. |
Comments