SIIG turns to $32.2mln losses in H1-23; dividends announced

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Saudi Industrial Investment Group (SIIG) swung to net losses after Zakat and tax worth SAR 121 million in the first half (H1) of 2023, versus net profits of SAR 519 million in H1-22.

Loss per share stood at SAR 0.16 in H1-23, against earnings per share (EPS) of SAR 0.88 in the year-ago period, according to the interim income statements.

Financial Results for Q2-23

The company’s net profits amounted to SAR 120 million in the second quarter (Q2) of 2023, a 57.75% year-on-year (YoY) plunge from SAR 284 million.

On a quarterly basis, the Saudi firm turned profitable in Q2-23 against net losses of SAR 242 million in the three-month period that ended on 31 March 2023.

Dividends for H1-23

During their meeting that was held on 1 August, the board members of SIIG decided to pay out SAR 377.40 million as cash dividends for H1-23.

The Saudi firm will disburse a dividend of SAR 0.50 per share, representing 5%of the share nominal value, for 754.80 million eligible shares.

Eligibility and distribution dates for the H1-23 dividends will be 8 and 24 August 2023, respectively.