Saudi Industrial Investment Group announces the annual financial results for the period ending on 31-12-2017
|Element||Current year||Previous year||% Change|
|Net profit (loss)||1,004||83||1,109.64|
|Earning or loss per share, Riyals||2.23||0.18||-|
|Gross profit (loss)||2,264||1,609||40.71|
|Operational profit (loss)||2,170||928||133.84|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Reasons of annual financial results||-The reasons for the increase in the net income and operating profit during the current period compared with same period of the previous year are:
1- An increase in SIIGs share of the projects managed jointly (SCP-JCP) profits due to an increase in products prices.
2-A decrease in SIIGs financing payments to its subsidiary Petrochemical Conversion Company (PCC) amounted SR 41 Million in the current period compared to SR 159 Million for the same period of the previous year.
3-SIIG ceasing to recognize its share of the accumulated losses in Petrochemical Conversion Company (PCC), in accordance with International Financial Reporting Standards (IFRS), after the accumulated losses exceeded the SIIGs investment, which amounted to SR 436 Million for the same period of the previous year
4- Selling SIIGs share of Petrochemical Conversion Company (PCC) amounted SR 31 Million.
5-An increase the other income.
6- An increase in SIIGs share of National Petrochemical Company (Petrochem) amounted to SR 444 Million in the current period compared to SR 199 Million for the same period of the previous year.
-The reason for the increase in the gross profit is due to the increase of National Petrochemical Company (Petrochem) gross profit.
By the way, SIIG has achieved a net profit of SR 499 Million in the same period of the previous year while adopting SOCPA
|Reclassifications in annual financial results||Certain figures have been re-classified to conform to the presentation in the current period.|
|Other notes||The gross sales for the current period amounted to SR 9,045 Million compared to SR 6,067 Million for the same period of the previous year with an increase of 49%.
Total comprehensive income for the current period amounted to SR 997 Million compared to SR 79 Million for the same period previous year with an increase of 1162%.
The shareholders equity (Excluding non-controlling interests) at the current period is SR 6,564 million compared to SR 6,017 million for the same period of previous year with an increase of 9%.
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 6 (First time adoption of IFRS) in the notes attached to the interim condensed consolidated financial statements for the period ended 31 Dec. 2017
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