Saudi Industrial Investment Group announces its Annual Financial results for the period ending on 2023-12-31
- Date: 18-Mar-2024
- Source: Mubasher
- Sector:Industrial
- Country:Saudi Arabia
Saudi Industrial Investment Group announces its Annual Financial results for the period ending on 2023-12-31
|Element List||Current Year||Previous Year||%Change|
|Sales/Revenue||-||-||-|
|Gross Profit (Loss)||-||-||-|
|Operational Profit (Loss)||125||422||-70.38|
|Net profit (Loss)||112||277||-59.57|
|Total Comprehensive Income||90||376||-76.06|
|Total Share Holders Equity (After Deducting the Minority Equity)||10,023||10,687||-6.21|
|Profit (Loss) per Share||0.15||0.41|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Element List||Amount||Percentage of the capital (%)|
|Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value||-||-|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Element List||Explanation|
|The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year||Since the Saudi Industrial Investment Group Company follows the equity method when accounting for its investments in the joint venture companies, The items “Sales/Revenue and Gross profit” do not appear in the profit or loss statement.|
|The reason of the increase (decrease) in the net profit during the current year compared to the last year is|| The reasons for the decrease in the net income during the current year compared to last year are:
|
SIIG’s share of profit of the joint ventures has decreased due to:
• A decrease in the selling prices, across all products.
• The unplanned shutdown of the project “Saudi Polymer Company” during the current year.
Note that there were:
- An increase in the financing income “Murabaha”.
- A decrease in the general and administrative expenses.
|Statement of the type of external auditor's