Saudi: SIIG posts lower profits in 2022 interim financials, turns to losses in Q4

The net profits after Zakat and tax of Saudi Industrial Investment Group (SIIG) plummeted by 75.62% year-on-year (YoY) to SAR 277 million in 2022 from SAR 1.13 billion.

The earnings per share (EPS) settled at SAR 0.41 last year, compared to SAR 2.53 in 2021, according to the initial income statements.

Income statements for Q4

During the fourth quarter (Q4) of 2022, the Tadawul-listed firm shifted to net losses after Zakat and tax worth SAR 296 million, versus net profits of SAR 122 million in Q4-21.

On a quarterly basis, the Q4-22 net losses were registered against net profits of SAR 55 million in Q3-22.

In the first nine months (9M) of 2022, SIIG recorded net profits after Zakat and tax worth SAR 574 million, lower by 43.45% than SAR 1.01 billion during the same period a year earlier.

Furthermore, the EPS retreated to SAR 0.88 in 9M-22 from SAR 2.25 in 9M-21.

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