Latest news with #SIIG
Argaam
5 days ago
- Business
- Argaam
SIIG says additional feedstock allocated
Saudi Industrial Investment Group (SIIG) received on May 28 approval letters from the Ministry of Energy to allocate additional feedstock to utilize the available capacity in its current assets and also support the company's plans to expand its production capabilities. In a statement to Tadawul, SIIG explained that additional ethane was allocated for the expansion of its 65%-owned subsidiary, Saudi Polymers Company (SPCo) in the Jubail Industrial City. This expansion is expected to ramp up the production of end products. SPCo is currently working on related engineering studies and designs for this expansion project. It is anticipated that the expansion will start up by the beginning of 2029. SPCo is expected to benefit from a portion of this allocation before the actual expansion project is completed, as it currently has unutilized capacities. SIIG also received an additional allocation of natural gasoline for its 50:50 joint ventures (JVs), Saudi Chevron Phillips and Jubail Chevron Phillips companies. This should increase the overall production at the entire complex. The JVs are expected to start benefiting from this feed before the end of this year. These additional allocations are expected to have a positive impact on SIIG's financial results gradually over the next three years, as the additional feed becomes available, and may eventually exceed an estimated total of SAR 470 million annually in net profit by the end of the expansion project and startup in 2029, based on forecasted product prices.
Argaam
26-05-2025
- Business
- Argaam
Edaa applies capital reduction for SIIG
The Securities Depository Center Co. (Edaa) implemented today, May 26, a reduction in securities for Saudi Industrial Investment Group (SIIG) in the accounts of eligible shareholders. According to data available with argaam, SIIG shareholders approved on a 10% capital decrease to SAR 6.8 billion from SAR 7.5 billion, for exceeding business needs, during an extraordinary general meeting (EGM) held recently. Shareholders will be compensated for the cancelled shares by the distribution of SAR 754.8 million, at the rate of SAR 10 per cancelled share.
Zawya
07-02-2025
- Business
- Zawya
SIIG generates $53.6mln net profits in 2024, quarterly profit unchanged YoY
Riyadh: Saudi Industrial Investment Group (SIIG) registered net profits of SAR 201 million in 2024, a 79.46% year-on-year (YoY) increase from SAR 112 million. The earnings per share (EPS) rose to SAR 0.27 in 2024 from SAR 0.15 in 2023, according to the annual financial results. It is worth highlighting that the company follows the equity method when accounting for its investments in the joint venture companies; therefore, the sales/revenue and gross profit items do not appear in the profit/loss statement. Financials for Q4-24 In the fourth quarter (Q4) of 2024, SIIG's net profits stood at SAR 11 million, maintaining the same level when compared to Q4-23. On a quarterly basis, the Q4-24 net profit signalled a dropping of 88.77% from SAR 98 million in Q3-24. It is worth mentioning that during the first nine months (9M) of 2024, SIIG recorded net profits of SAR 190 million, marking an 88.11% increase from SAR 101 million in the same period of 2023.
