Saudi Industrial Investment Group : (SIIG) ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING December 31, 2011(TWELEV MONTHS):
January 18, 2012 at 09:49 am
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> SAUDI INDUSTRIAL INVESTMENT
GROUP (SIIG) ANNOUNCES ITS
INTERIM FINANCIAL RESULTS FOR THE
PERIOD ENDING December 31,
2011(TWELEV MONTHS):
SAUDI INDUSTRIAL INVESTMENT GROUP
(SIIG) ANNOUNCES ITS INTERIM FINANCIAL
RESULTS FOR THE PERIOD ENDING December
31, 2011(TWELEV MONTHS):
1.The net profit for the quarter ending
December 31, 2011 was SR 4.7 million
compared to a net profit of SR 188.3
million for the same quarter in 2010
representing an decrease of (97.5%),
and compared to a net profit for the
third quarter of 2011 of SR 143
million, representing decrease of
(96.7%).
2. The gross profit for the quarter
ending December 31, 2011 amounted to SR
68 million compared to the same quarter
in 2010 of SR 207.2 million,
representing an decrease of
(67.2%).
3. The income from operations for the
quarter ending December 31, 2011
amounted to SR 14.7 million compared to
SR 176.3 million for the same quarter
in 2010, this represents a decrease of
(91.66%).
4. The net profit for the twelve month
period ending December 31, 2011 amounts
to SR 528.5 million compared to the net
profit of SR 404.6 million for the same
period in 2010, an increase of
30.62%
5. The earnings per share for the
twelve months period ending December
31, 2011 amounted to SR 1.17 compared
to SR 0.90 for the same period in
2010.
6. The gross profit for the twelve
months period ending December 31, 2011
was SR 782 million, compared to SR 644
million for the same period in 2010, an
increase of 21.4 %.
7. The income from operations for the
twelve months period ending December
31, 2011 was SR 589 million, compared
to SR 501 million for the same period
in 2010, an increase of 17.6%.
8. The reasons for the decrease of
company's net profits during the
quarter ending December 31, 2011,
compared the quarter ending December
31, 2010, and the last quarter are due
to:
a) The company's projects had
stopped production in October 2011, for
the purpose of scheduled
maintenance.
b) Decrease in production quantities
sold during the 4th quarter.
c) The company increased the Zakat
provision by 14 million SR, to face the
Zakat dues for previous years which
have been challenged by the company,
and are still under examination at
DZIT.
9) The reasons for the increase in
profits for the Twelve months ending
December 30, 2011 compared to the same
period last year, is because a general
improvement in the prices of
petrochemicals in the first three
quarters of the year 2011.
10) SIIG share of National
Petrochemical Company (Petrochem)
losses amounted to 32 million SR for
the year.
9) Some numbers have been
reclassified.
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Saudi Industrial Investment Group SJSC is engaged in industrial, petrochemical, chemical, mineral projects, and other plastic industries, as well as the marketing of these products. It operates in two segments: Polymers segment, which represents Saudi Polymers Co LLC that produces and sells motor fuel blend stock, fuel oil, ethylene, propylene, 1-hexene, high density and low-density polyethylene and polypropylene, and Gulf Polymers Distribution Co FZCO that felicitates sales of polymer and monomer products and provision of international warehousing; and Aromatics segment which represents Saudi Chevron Phillips Co that is engaged in the production of liquid fuels, basic organic chemicals, primary gases and gaseous fuels; Jubail Chevron Phillips Company that is engaged in the production of basic organic chemicals, propylene and liquid fuels, and Aromatics Distribution Co FZCO that distributes the aromatic products such as styrene, cyclohexane, propane and benzene.
SAUDI INDUSTRIAL INVESTMENT GROUP 
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