Saudi Industrial Investment Group (SIIG) reported a net loss of SAR 242 million for Q1 2023, against a profit of SAR 235 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Operating Income | (9.53) | (8.47) | 11.1 % |
| Net Income | 234.88 | (241.50) | (202.8 %) |
| Average Shares | 678.60 | 754.80 | 11.2 % |
| EPS (Riyals) | 0.35 | (0.32) | (192.4 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Operating Income | (19.47) | (8.47) | 56.5 % |
| Net Income | (296.44) | (241.50) | 18.5 % |
| Average Shares | 678.60 | 754.80 | 11.2 % |
| EPS (Riyals) | (0.44) | (0.32) | 26.8 % |
The negative performance came on the back of losses realized on jointly managed projects, unplanned turnaround maintenance for Saudi Polymer Co., and lower selling prices.
On a sequential basis, the company narrowed its losses in Q1 2023 from SAR 296.4 million in Q4 2022.
Total shareholders’ equity, excluding minority interest, rose to SAR 10.44 billion as of March 31, 2023, from SAR 7.56 billion a year earlier.
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