December 24, 2008

 

SIIG announces the signing of a loan agreement with the Public Investment Fund for its third project:

SIIG announces that the, Saudi Polymers Company, its third project, which is being developed jointly with Chevron Phillips Chemical Co, signed a financing agreement for (3,000) Million Saudi Riyals with the Public Investment Fund (PIF) for a period of 12 years.

This agreement represents the final part of project financing, which includes loans from the Saudi Industrial Development Fund (SIDF) for (1,200) Million Saudi Riyals, and loans from commercial banks for (9,200) Million Saudi Riyals.
 
 

December 13, 2008

 

SIIG announces its estimated financial results for the period ending November 30th :

SIIG Estimated earnings of SIIG for the period from January 1, 2008 to November 30, 2008, show a net income of (89) Million Saudi Riyals compared to (419) Million Saudi Riyals for the same period of year 2007, which represent (77%) decline. However, SIIG’s factories were operating at full production capacity during this period. Further, the petrochemical industry, in particular those projects that rely on feedstock linked to global pricing such as Gasoline, Propane, and Butane, have suffered from a decline in its profitability because the decline in the selling prices of final product was at a greater percentage than the cost of the feedstock.

This situation will continue until the feedstock cost, which is linked to crude oil prices, stabilizes and those projects consume all feedstock bought at higher prices. However, this situation is not applicable for projects that use Methane and Ethane as a feedstock, since those gases are not affected by global prices and have fixed pricing.

 
 

November 10, 2008

 

SIIG announces its estimated financial results for the period ending October 31st :

SIIG has announced that both projects were currently operating at full production capacity. The total capacity has increased by 79% due to the second project startup.

Estimated Financial Results for the period from January 1, 2008 to October 31, 2008, show a net income of (187) Million Saudi Riyals compared to (380) Million Saudi Riyals for the same period of year 2007.

SIIG’s profitability was effected because the feedstock inventory was priced at around (788) USD, and before the fall to the current prices of (234) USD. In addition, the selling prices of our products have declined an average of (65%). However, SIIG hopes to benefit from the decline in feedstock prices in future sales.

Moreover, SIIG would like to ensure its investors that its third project has already secured the required financing funds including government funds, commercial banks loan, and foreign export guarantee bank. SIIG plans to execute the public offering of its new subsidiary, Petrochem, on the first quarter of 2009.
 
 

October 27, 2008

 

SIIG announces its financial results for the period ending September30th :

SIIG announces that its financial results for the period ended on September 30, 2008 showed a net income after Zakat of 263 Million Saudi Riyals. Complete financial statements can be found here.

Income from operations reached 222 Million Saudi Riyals for the period ended on September 30, 2008 compared to 301 Million Saudi Riyals for the same period of last year 2007 showing a decrease of 26% as well.

Earnings Per Share (EPS) for the period Ended on September 30, 2008 reached to .68 Riyal compared to 1.5 Riyal for the same period of last year 2007. The Number of Outstanding Shares was doubled during this period due to capital increase process.

Third quarter results show a net loss of (32) million Riyal, compared to a net profit of (145) million Riyal for the same quarter of the last year 2007 resulting in profit reduction by 122%.

As motioned in previous announcements, the third quarter results include JCP total expenditures, whereas the third quarter results does not include any exports items, furthermore, JCP has currently reached to the full production capacity, and started exporting Styrene & Propylene during this October.

It was noted in the interim consolidated financial statements of SIIG that some line items from interim financial statements of SIIG and its subsidiaries were reclassified for consolidation purposes.

 
 

October 11, 2008

 

SIIG announces its estimated financial results for the period ending September30th :

SIIG announces that its estimated Financial Results for the period from January 1, 2008 to September 30, 2008, show a net income after Zakat of (262) Million Saudi Riyals compared to (338) Million Saudi Riyals for the same period of year 2007, which represents 22.5% profit reduction. SIIG will announce later its interim results.

It is important to note that the third quarter results are affected by JCP total expenditures, whereas the third quarter results does not include any exports items, furthermore, JCP has currently reached full production capacity, and will starts exporting Styrene & Propylene during this October.

Additionally, SIIG would like to inform its shareholders that all of its investments are in the Petrochemical Industry in Jubail, and it does not have any investment activity outside of the Kingdom. All of SIIG’s Cash Funds (2,713) million Saudi Riyal are deposited within Saudi Banking System, as Government Bonds and Time Deposits, which are to be used for its future projects.
 
 

August 16, 2008

 

SIIG announcement regarding the startup of its second project (Jubail Chevron Phillips):

SIIG would like to announce to its shareholders the startup of its second project, the Jubail Chevron Phillips Project, which will produce 750kta of Styrene and 150kta of Propylene. The project was built at a cost of SR 4.5 Billion.

The project expects to begin exporting shipments in September 2008, the period prior to the first shipment will be used to buildup inventory. Production quantities will increase during the next three months until the facility reaches full capacity.

 
 

August 16, 2008

 

SIIG announces its estimated financial results for the period ending July31st:

SIIG announces that its estimated Financial Results for the period from January 1, 2008 to July 31, 2008, show a net income after Zakat of (295) Million Saudi Riyals compared to (249) Million Saudi Riyals for the same period of last year (2007) and with an increase of 18%. It is noted that no profits where realized during the month of July which is due to the following two reasons:

 1. The July numbers included the total operational and non-operational expenses of SIIG’s second project, the Jubail Chevron Phillips Co. whereas no sales have been recorded during the month. 

 2. Even though the power outage experienced on the 23rd of July in the Jubail Industrial City, did not directly affect our operations, the linkage we have with other project in the area, caused a reduction in the quantity of feedstock coming into the plant by around 40%, which caused a reduction in the production quantity. It is anticipate that the feedstock quantity coming into the plant return to its normal level this week.

 
 

July 20, 2008

 

SIIG announces its results up to the end of June 2008:

 

SIIG announces that its financial results for the period ended on June 30, 2008 showed a net income after Zakat of 295 Million Saudi Riyals. Complete financial statements can be found here.

Income from operations reached 267 Million Saudi Riyals for the period ended on June 30, 2008 compared to 169 Million Saudi Riyals for the same period of last year 2007 showing an increase of 58% as well.

Earnings Per Share (EPS) for the period Ended on June 30, 2008 reached to .77 Riyal compared to .85 Riyal for the same period of last year 2007. The Number of Outstanding Shares was doubled during this period due to capital increase process. It should be noted that the same period of last year includes 70-day shutdown to maintenance workings.

It was noted in the interim consolidated financial statements of SIIG that some line items from interim financial statements of SIIG and its subsidiaries were reclassified for consolidation purposes.

 
 

July 12, 2008

 

SIIG announces its estimated financial results for the period ending June 30th:

 

SIIG announces that its estimated Financial Results for the period from January 1, 2008 to June 30, 2008, show a net income after Zakat of (294) Million Saudi Riyals compared to (192) Million Saudi Riyals for the same period of year 2007. We would also like to remind our shareholders that last year the plant was shutdown for a period of 70 days.

 

SIIG will be announcing its audit statements once they are finalized by the auditor.

 
 

June 9, 2008

 

SIIG announces its estimated financial results for the period ending May31st:

 

SIIG announces that its estimated Financial Results for the period from January 1, 2008 to May 31, 2008, show a net income after Zakat of (242) Million Saudi Riyals compared to (126) Million Saudi Riyals for the same period of year 2007.

 
 

June 3, 2008

 

SIIG announces the date of its 2007 dividend distribution.:

 

SIIG announces that it will start the distribution of its 2007 dividend, for (SR0.50 per Share) on the 5th June 2008. Shareholders registered on the end of trading on the day of the GA approval 24th of May 2008 are eligible for this dividend.

The National Commercial Bank (NCB), will transfer the funds directly to the shareholders bank account.

 
 

May 25, 2008

 

SIIG announces the results of its Ordinary & Extraordinary General Assembly meeting:

 

SIIG announces the results of its Ordinary & Extraordinary General Assembly meeting, which were held on Saturday May 24, 2008. In which its shareholder approved all of the items in both meeting, including:

Ordinary General Assembly agenda items :
1.Approval of the financial statements of the fiscal year 2007.
2.Approval of the Board of Directors annual report for the fiscal year 2007.
3.Releasing the Board of Directors' responsibilities for the fiscal year 2007.
4.Approval of the Board of Directors’ recommendation to distribute cash dividend totaling SR 225 Million (SR0.50/share or 5% of the par value).
5.Choosing the external auditor for, the 2008 fiscal year, recommended by the audit committee and determining the audit fees
6.Approval of the new Audit committees rules. Which include the method of selection, term length, and roles.
7.Approval of the hiring and compensation committee rules. Which include the method of selection, term length, and roles.

Extraordinary Ordinary General Assembly agenda items :
1.Reducing the number of Board members from 11 to 9 members and modifying articles 15 and 22 of the bylaws to reflect this reduction.

2.The Ratification of the agreements signed relating to the Saudi Polymers Company Petrochemical Project, specifically the shareholder and sponsor support and subordination agreement, a guarantee agreement, Loan agreement and the definitions agreement.

SIIG will be issuing a statement regarding the Dividend distribution at a later date

 
 

May 25, 2008

 

SIIG announces the Mechanical Completion of its second project (the Jubail Chevron Phillips).

 

SIIG announces that it has reached mechanical completion of its second project the Jubail Chevron Phillips Co. project. Initial feedstock feeding has started. The company hopes to be in production by the end of June.

 

The project was built at a cost of SR 4,500 Million, and will produce 750kta of Styrene and 150kta of Propylene.

 
 

 May 25, 2008

 

SIIG announces the results of its Ordinary & Extraordinary General Assembly meeting:

 

SIIG announces the results of its Ordinary & Extraordinary General Assembly meeting, which were held on Saturday May 24, 2008. In which its shareholder approved all of the items in both meeting, including:

Ordinary General Assembly agenda items :
1.Approval of the financial statements of the fiscal year 2007.
2.Approval of the Board of Directors annual report for the fiscal year 2007.
3.Releasing the Board of Directors' responsibilities for the fiscal year 2007.
4.Approval of the Board of Directors’ recommendation to distribute cash dividend totaling SR 225 Million (SR0.50/share or 5% of the par value).
5.Choosing the external auditor for, the 2008 fiscal year, recommended by the audit committee and determining the audit fees
6.Approval of the new Audit committees rules. Which include the method of selection, term length, and roles.
7.Approval of the hiring and compensation committee rules. Which include the method of selection, term length, and roles.

Extraordinary Ordinary General Assembly agenda items :
1.Reducing the number of Board members from 11 to 9 members and modifying articles 15 and 22 of the bylaws to reflect this reduction.

2.The Ratification of the agreements signed relating to the Saudi Polymers Company Petrochemical Project, specifically the shareholder and sponsor support and subordination agreement, a guarantee agreement, Loan agreement and the definitions agreement.

SIIG will be issuing a statement regarding the Dividend distribution at a later date.
 
 

May 19, 2008

 

SIIG reminds its Shareholders of the upcoming Ordinary & Extraordinary General Assembly:

 

SIIG would like to remind its shareholders that it will hold its upcoming Ordinary & Extraordinary General Assembly meeting next Saturday May 24, 2008 at 7:00pm at the Riyadh Marriott Hotel. Any shareholder with 10 or more shares can attend the meeting.

Ordinary General Assembly meeting agenda items are:
1.Approval of the financial statements of the fiscal year 2007.
2.Approval of the Board of Directors annual report for the fiscal year 2007.
3.Releasing the Board of Directors' responsibilities for the fiscal year 2007.
4.Approval of the Board of Directors’ recommendation to distribute cash dividend totaling SR 225 Million (SR0.50/share or 5% of the par value).
5.Choosing the external auditor for, the 2008 fiscal year, recommended by the audit committee and determining the audit fees
6.Approval of the new Audit committees rules. Which include the method of selection, term length, and roles.
7.Approval of the hiring and compensation committee rules. Which include the method of selection, term length, and roles.

Extraordinary General Assembly meeting agenda items are:
1.Reducing the number of Board members from 11 to 9 members and modifying articles 15 and 22 of the bylaws to reflect this reduction.

2.The Ratification of the agreements signed relating to the Saudi Polymers Company Petrochemical Project, specifically the shareholder and sponsor support and subordination agreement, a guarantee agreement, and the definitions agreement.

Registration on the day of the meetings will start at 5pm. Noting that at least 50% of the company shares have to be represented at the meeting

 
 

May 11, 2008

 

SIIG announces its estimated financial results for the period ending April 30th.

 

SIIG announces that its estimated financial results for the period from January 1, 2008 to April 30, 2008, show a net income after Zakat of (193) Million Saudi Riyals compared to (63) Million Saudi Riyals for the same period of year 2007.

 
 

May 5, 2008

 

SIIG announces the disclosure of its shareholder distribution.

 

SIIG would like to inform its shareholders, that it has received the Capital Market Authority's approval to post on its website (www.siig.com.sa), a page with the title of "Shareholder Distribution Table". Which will show the total number of shareholders, how the shares of the company are distributed among its shareholder, and percentage owned. This information will be updated frequently. To see the latest table, please click here.

 
 

May 3, 2008

 

SIIG announces the addition of an extra agenda item in the upcoming Extraordinary general assembly :

SIIG announces the addition of an extra agenda item in the upcoming Extraordinary General Assembly meeting on Saturday May 24, 2008 at 7:00pm at the Riyadh Marriott Hotel.

The agenda item to be added is “The Ratification of the agreements signed relating to the Saudi Polymers Company Petrochemical Project, specifically the shareholder and sponsor support and subordination agreement, the guarantee agreement, and the definitions agreement."
 
 

April 21, 2008

 

SIIG announces its upcoming Ordinary & Extraordinary General Assembly:

SIIG announces that it will hold its upcoming Ordinary & Extraordinary General Assembly meeting on Saturday May 24, 2008 at 7:00pm at the Riyadh Marriott Hotel. Any shareholder with 10 or more shares can attend the meeting.

Ordinary General Assembly meeting agenda items are:

1) Approval of the financial statements of the fiscal year 2007.
2) Approval of the Board of Directors annual report for the fiscal year 2007.
3) Releasing the Board of Directors' responsibilities for the fiscal year 2007.
4) Approval of the Board of Directors’ recommendation to distribute cash dividend totaling SR 225 Million (SR0.50/share or 5% of the par value).
5) Choosing the external auditor for, the 2008 fiscal year, recommended by the audit committee and determining the audit fees
6) Approval of the new Audit committees rules. Which include the method of selection, term length, and roles.
7) Approval of the hiring and compensation committee rules. Which include the method of selection, term length, and roles.

Extraordinary General Assembly meeting agenda items are:

1) Reducing the number of Board members from 11 to 9 members and modifying articles 15 and 22 of the bylaws to reflect this reduction.

Registration on the day of the meetings will start at 5pm. Noting that at least 50% of the company shares have to be represented at the meeting.
Shareholders who unable to attend can authorize another shareholder to attend on his behalf.

 

April 19, 2008

 

SIIG announces its results up to the end of March 2008.

 

SIIG announces that its financial results for the period ended on March 31, 2008 showed a net income after Zakat of 137 Million Saudi Riyals. Complete financial statements can be found here.

Income from operations reached 130 Million Saudi Riyals for the period ended on March 31, 2008 compared to 53 Million Saudi Riyals for the same period of last year 2007 showing an increase of 145% as well.

Earnings Per Share (EPS) for the period Ended on March 31, 2008 reached to .36 Riyal compared to .30 Riyal for the same period of last year 2007. The Number of Outstanding Shares was doubled during this quarter due to capital increase process.

It was noted in the interim consolidated financial statements of SIIG that some line items from interim financial statements of SIIG and its subsidiaries were reclassified for consolidation purposes.
 
 

Mar 17, 2008

 

SIIG announces the start of reimbursement for the shareholders who did not execute their rights.

 

SIIG started today 17/3/2008 the reimbursement of those shareholders who did not execute their rights in SIIG’s recent Rights Issue offering to increase its capital. The total amount available for distribution was SR129,345,531, which represent the total difference between with offering price (SR10) and the bid prices for the unsubscribed shares, which totaled 6,524,963 shares (2.9% of the total shared offered). Thus each shareholder, who did not subscribe will recive about SR19.82 per share he owned and did not subscribe to. All amounts will be deposited into the current accounts linked to the investor’s portfolios.

 
 

Mar 11, 2008

 

SIIG announces the results of its Right Issue Offering.

 

SIIG’s Right Issue was very successful as the offering was oversubscribed, in value, by 153%. SAMBACapital, Financial Advisor and the lead manager of the offering has announced that the Capital Market Authority (CMA) has approved the allocation of shares.

The total number of shareholder who exercised their rights and subscribed were (12,112)shareholder, representing (76%) of the total number of eligible shareholders. These shareholders subscribed to (218,475,037) shares, out of the(225) million shares offered, meaning a coverage of around (97.1%). The number of eligible shareholders who did not exercise their right was (3,765) shareholder, or (24%) of the total number of eligible shareholders, the total unsubscribed shares was (6,524,963) representing (2.9%) of the total number of shares before the capital increase.

The amounts in excess of the offering price will be distributed among the shareholders who did not exercise their right, after deducted the bank costs. The amount per share, and the distribution date will be announced in the very near future.

Regarding the additional shares, all shareholders who bid at (32SR) will recive the entire number of shares they requested, the total number of these shares where (4,795,878) shares, while the rest of the additional shares that were not subscribed to by the eligible shareholders,(1,729,085) shares will be distributed among the shareholders who bid at (25SR), according to the proportion they own in the company. The surplus amounts are to returned starting today the 11th of March 2008.

 
 

Mar 9, 2008

 

SIIG announces the initial results for the month of Feb 2008.

 

SIIG announces its initial results for the month of February 2008, which show a net income, after Zakat, of (87) Million Saudi Riyals compared to (72)  Million Saudi Riyals for the same month of year 2007.

 
 

Feb 24, 2008

 

SIIG announces its Audited financial results for 2007.

 

SIIG announces that its financial results for the period ended on December 31, 2007 showing a net income after Zakat of 437 Million Saudi Riyals.

Income from operations reached 478 Million Saudi Riyals for the period ended on December 31, 2007 compared to 635 Million Saudi Riyals for the same period of last year 2006 showing a decrease of 24,7% as well. As mentioned earlier, the downturn in net income was caused by the 70-day production shutdown of the first project for the purpose of completing the scheduled maintenance and the joint between the first project (Saudi Chevron Phillips) and the second project (Jubail Chevron Philips).

SIIG announces that its interim financial results for the Fourth quarter period ended on December, 2007 showed a net income after Zakat of 100 Million Saudi Riyals compared to 147 Million Saudi Riyals for the same period of last year 2006 with a decrease of 47 Million Saudi Riyals (32%).

Earnings Per Share (EPS) for the period Ended on December 31, 2007 reached to 1.94 Riyal compared to 2.61 Riyal for the same period of last year 2006.

It was noted in the consolidated financial statements of SIIG that some line items from financial statements of SIIG and its subsidiaries were reclassified for consolidation purposes. Complete financial statements can be found here.
 
 

Feb 20, 2008

 

SIIG announces its readiness for the upcoming right issue subscription.

 

In preparation for it Capital Increase through a Rights Issue, SIIG has signed the Underwriting agreement with both SAMBACapital and RiyadCapital. The company has also signed the Receiving banks agreement with SAMBA, RiyadBank, National Commercial Bank and Saudi British Bank (SABB).

 

SIIG would like to remind its shareholders that the subscription will start next Saturday the 23rd of February 2008 and end on Wednesday 5th of March 2008. The rights issue will be for an additional 225 Million Shares at SR10 / Share, with no premium and on 1:1 share basis. Only shareholder owning shares at the end of trading on the 5th Feb 2008 are eligible for this subscription.

 

Capital Market Authority has regulated that all shareholders that have fully subscribed to their eligible shares, are also eligible to subscribe to additional shares that where not subscribed to by their original owners. The purchase price for these additional shares can be bid using any one of the following prices 1. SR10, 2. SR17, 3. SR25 and 4. SR32. Noting that only one share can be chosen. The unsubscribed shares will be distributed to those who bid the highest amount first, then if the highest tier doesn't' cover the total amount of unsubscribed shares, the second will be used, and so on. The additional amount over the subscription amount (SR10) will be distributed to the shareholders who did not subscribe to their eligible shares.

 

 
 

Feb 19, 2008

 

SIIG receives approval for a loan of SR3 Billion for its third project, Saudi Polymers Company.

 

The board of directors of the Public Investment Fund has provided final approval of a loan of SR 3 Billion, to fund Saudi Industrial Investment Group’s third project, Saudi Polymers Company, which is being developed jointly with Arabian Chevron Phillips Petrochemical Co.

 
 

Feb 10, 2008

 

SIIG announces the  financial results for the month of January 2008.

 

SIIG announces its financial results for the month of January 2008, which show a net income, after Zakat, of (45) Million Saudi Riyals compared to (55)  Million Saudi Riyals for the same month of year 2007.

 
 

Feb 9, 2008

 

SIIG announces the Dates of its upcoming Capital increase through a Rights Issue.

 

SIIG has received approval from the CMA regarding the dates of subscription for its Capital increase through a Rights issue. The subscription will start on Saturday 23rd of February 2008 and end on Wednesday 5th of March 2008. The rights issue will be for an additional 225 Million Shares at SR10 / Share, with no premium and on 1:1 share basis. Only shareholder owning shares at the end of trading on the 5th Feb 2008 are eligible for subscribing.

 

Capital Market Authority has regulated that all shareholders that have fully subscribed to their eligible shares, as explained above, are also eligible to subscribe to additional shares that where not subscribed to by their original owners. The purchase price for these additional shares can be bid using any one of the following prices 1. SR10, 2. SR17, 3. SR25 and 4. SR32. Noting that only one share can be chosen. The unsubscribed shares will be distributed to those who bid the highest amount first, then if the highest tier doesn't' cover the total amount of unsubscribed shares, the second will be used, and so on. The additional amount over the subscription amount (SR10) will be distributed to the shareholders who did not subscribe to their eligible shares.

 

Lead Bank for this subscription will be SAMBACapital. Receiving banks are SAMBA, RiyadBank, National Commercial Bank and SAAB. All oversubscribed amounts will be returned no later than the 11th of March 2008>

 
 

Feb 6, 2008

 

SIIG announcement regarding the startup of its Jubail Chevron Phillips Project.

 

SIIG's Board of Directors have been updated in regards to the startup of its second project, the Jubail Chevron Phillips Project, were as the mechanical handover from the contractor to the operation team has started from January, this is still ongoing, and will continue until the end of the first quarter. After which preparation for testing the operation of the entire facility, which is then followed by commercial operations, this is targeted for the second quarter. The company will be issuing a more detailed schedule once that becomes available.

 
 

Feb 6, 2008

 

SIIG announces its Board of Directors recommendation for Cash dividends for the year 2007.

SIIG's board of directors has announced in their meeting on the 5th of Feb, its recommended to the GA to distribute cash dividends of (225 Million Saudi Riyal) equivalent to 5% of the capital (after the current capital increase), or 0.50SR per share, this will be presented to the GA regular meeting during the 2nd Quarter of this year.

 
 

Feb 6, 2008

 

SIIG announces the results of its Extraordinary General Assembly which approved its capital increase through a rights issue.

SIIG's Extraordinary General Assembly, which took place on Tuesday the 5th of Feb, 2008 at 6:30pm at the Riyadh Marriott Hotel, resulted in the shareholders approval of all recommendations by the board of directors as follows:

1. Approval of the company's capital increase from SR 2,250 Million (225 Million shares) to SR 4,500 Million (450 Million shares) by offering its shareholders one share for each share owned on the end of trading on the day of the EGA (1:1). Each new share will be offered at cost (SR10).

2. Approval of changing article No. 7 of the company bylaws to include the change in capital as stated above.

Further details about the rights issue will be announced soon.

 
 

Feb 3, 2008

 

SIIG would like to remind its Shareholders of its upcoming Extraordinary General Assembly (EGA), which is to approve its Capital Increase through a Rights Issue.

SIIG would like to remind it shareholders of its upcoming Extraordinary General Assembly meeting next Tuesday the 5th of Feb, 2008 at 6:30pm at the Riyadh Marriott Hotel, and will discuss the following:

1. Approval of the company's capital increase from SR 2,250 Million (225 Million shares) to SR 4,500 Million (450 Million shares) by offering its shareholders one share for each share owned on the end of trading on the day of the EGA (1:1). Each new share will be offered at cost (SR10).

2. Approval of changing article No. 7 of the company bylaws to include the change in capital as stated above.

 
 

Jan 16, 2008

 

SIIG announces that its financial results for the period ended on December 31, 2007 showed a net income after Zakat of 448 Million Saudi Riyals. Complete financial statements can be found here.

SIIG Income from operations reached 477 Million Saudi Riyals for the period ended on December 31, 2007 compared to 569 Million Saudi Riyals for the same period of last year 2006 showing a decrease of 16.2% as well. As mentioned earlier, the downturn in net income was caused by the 70-day production shutdown of the first project for the purpose of completing the scheduled maintenance and the joint between the first project (Saudi Chevron Phillips) and the second project (Jubail Chevron Philips).
 
SIIG announces that its interim financial results for the Fourth quarter period ended on December, 2007 showed a net income after Zakat of 110 Million Saudi Riyals compared to 147 Million Saudi Riyals for the same period of last year 2006 with a decrease of 37 Million Saudi Riyals (25.2%).
 
Earnings Per Share (EPS) for the period Ended on December 31, 2007 reached to 1.99 Riyal compared to 2.61 Riyal for the same period of last year 2006.
 
It was noted in the interim consolidated financial statements of SIIG that some line items from interim financial statements of SIIG and its subsidiaries were reclassified for consolidation purposes.
 
 

Jan 2, 2008

 

SIIG announces its upcoming Extraordinary General Assembly (EGA), which is to approve its Capital Increase through a Rights Issue.

SIIG announces that it will hold its upcoming Extraordinary General Assembly meeting on Tuesday Feb 5, 2008 at 6:30pm at the Riyadh Marriott Hotel, and will discuss the following:

1. Approval of the company's capital increase from SR 2,250 Million (225 Million shares) to SR 4,500 Million (450 Million shares) by offering its shareholders one share for each share owned on the end of trading on the day of the EGA (1:1). Each new share will be offered at cost (SR10).

2. Approval of changing article No. 7 of the company bylaws to include the change in capital as stated above.

 
 

Dec 16, 2007

 

SIIG announces the signing of EPC contracts and receiving commercial funding for its third project (NCP).

SIIG announced today that it has, with its partner Arabian Chevron Phillips Petrochemical Company Limited (ACP), a wholly-owned subsidiary of Chevron Phillips Chemical Company LLC, achieved two major milestones in its third project, NCP (Which is expected to cost over SR 18 Billion). These milestones are:

The signing of EPC contracts for its NCP project with both JGC (Japan) and Daelim (Korea).

The sponsors have already received interest from 20 Saudi, Regional and International banks to provide commercial loans in access of SR 7 Billion. This funding is in addition to funding from the Saudi Industrial Development Fund, the Public Investment Fund and the capital being raised by both shareholders.
 
 

Dec 12, 2007

 

SIIG's announcement regarding its upcoming capital increase.

The Saudi Industrial Investment Group (SIIG) would like to inform its shareholders that based upon the Capital Market Authority’s (CMA) approval to double SIIG’s capital, by issuing one share for each share, in a Rights Issue, at SR10 each, with no premium. That it has submitted a request to the Ministry of Commerce to hold its Extraordinary General Assembly (EGA) on the 5th of February 2008. The company will formally announce the date after receiving approval from the Ministry.
Regarding the Subscription dates, that would be set at the closest possible date following the EGA, and after receiving approval from the CMA.
 
 

Dec 9, 2007

 

SIIG announces its interim financial results for the period ending November 30, 2007

SIIG announces that its interim financial results for the period ending November 30, 2007 show a net income after Zakat of (419) Million Saudi Riyals compared to (533) Million Saudi Riyals for the same period of last year 2006.

 
 

Nov 7, 2007

 

SIIG announces its interim financial results for the period ending October 31, 2007

SIIG announces that its interim financial results for the period ending October 31, 2007 show a net income after Zakat of (380) Million Saudi Riyals compared to (482) Million Saudi Riyals for the same period of last year 2006.

 
 

Oct 30, 2007

 

SIIG announcement regarding its Jubail Chevron Phillips Project.

 

SIIG would like to clarify, that similar to other major Petrochemical projects, its Jubail Chevron Phillips (JCP) Project, has two completions dates. The first is the mechanical completion date, during which the site is handed over from the contractor to the project operations. After that, testing of all the equipment takes an additional period of 8 to 12 weeks, which is followed by commercial operations.
 

The fourth quarter of 2007 was the original date of mechanical completion for the JCP project. But due to the fact, that the contractor is experiencing difficulties in labor recruitment efforts, the project is experiencing delays. Currently mechanical completion is expected to happen during January 2008, which will cause commercial operations to be pushed back to the end of March 2008. SIIG will provide additional announcements once dates have been confirmed.

 
The JCP project construction began in the fourth quarter of 2004. At a cost of SR 4.5 Billion, and will produce 750kta of Styrene and 150kta of propylene
 
 

Oct 27, 2007

 

SIIG announces its results up to the end of September 2007.

 

SIIG announces that its financial results for the period ended on September 30, 2007 showed a net income after Zakat of 338 Million Saudi Riyals. Complete financial statements can be found here.
Income from operations reached 360 Million Saudi Riyals for the 9-month period ended on September 30, 2007 compared to 440 Million Saudi Riyals for the same period of last year 2006 showing a decrease of 18% as well. As mentioned in our announcement on July 15, 2007, the downturn in net income was caused by the 70-day production shutdown of the first project for the purpose of completing the scheduled maintenance and the joint between the first project (Saudi Chevron Phillips) and the second project (Jubail Chevron Philips).

SIIG announces that its interim financial results for the Third quarter period ended on September 30, 2007 showed a net income after Zakat of 145 Million Saudi Riyals compared to 160 Million Saudi Riyals for the same period of last year 2006 with a decrease of 15 Million Saudi Riyals (9%). This reduction is due to decline in the price of some products.

Earnings Per Share (EPS) for the period Ended on September 30, 2007 reached to 1.5 Riyal compared to 1.95 riyal for the same period of last year 2006.

It was noted in the interim consolidated financial statements of SIIG that some line items from interim financial statements of SIIG and its subsidiaries were reclassified for consolidation purposes.
 
 

Sep 15, 2007

 

SIIG announcement regarding its capital Increase.

In reference to the Capital Market Authority’s approval for SIIG’s capital increase, in order to fund its equity portion of the company’s third project.
Some significant issues have happened since the above referenced approval was announced. Thus SIIG has decided to resubmit its application to the CMA, this is to update the prospectus to reflect the following changes:

1. Based on the most recent estimates, that show an increase in project cost, and the increase of project scope to include an additional Adipic-Acid and Nylon plant, thus SIIG equity required for the project will increase from SR2,100 Million to SR2,800 Million. This amount will be funded from the following two sources:

    a. Rights Issue totaling SR 2,250 Million.
    b. SIIG Retained Earning SR 550 Million.

2. The Rights Issue of a total SR 2,250 Million will only be for SIIG shareholders registered at end of trading on the day of the extra ordinary General Assembly meeting that approves the capital increase. This meeting is currently being targeted for the end of this year.

3. SIIG Board of Directors also recommends to the GA, the issues of these new shares at SR10 (at Par, with no premium). This means that the number of SIIG shares will double from 225 Million shares up to 450 Million shares.

4. SIIG will use the proceeds from this capital increase, to fund the creation of a new Joint Stock Company (Petrochem), which will eventually be owned by SIIG and the general public (IPO), with 50% each. The IPO portion will also be offered at par. This new Joint stock company will own 65% of the third project, with the remaining 35% owned by ChevronPhillips.

All of the above is pending the approval of the relevant official agencies.
 
 

Sep 11, 2007

 

SIIG announces that its interim financial results for the period ended on August 31, 2007

SIIG announces that its interim financial results for the period ended on August 31, 2007 show a net income after Zakat of 287 Million Saudi Riyals compared to 389 Million Saudi Riyals for the same period of last year 2006
 

Aug 8, 2007

 

SIIG announces that its interim financial results for the period ended on July 31, 2007

SIIG announces that its interim financial results for the period ended on July 31, 2007 show a net income after Zakat of 249 Million Saudi Riyals compared to 330 Million Saudi Riyals for the same period of last year 2006
 

July 15, 2007

 

SIIG announces its 2nd Quarter results for 2007

SIIG announces that its financial results for the period ended on June 30, 2007 showing a net income after Zakat of 193 Million Saudi Riyals. Complete financial statements can be found here.

Income from operations reached 206 Million Saudi Riyals for the first 6-month period ended on June 30, 2007 compared to 260 Million Saudi Riyals for the same period of last year 2006 showing a decrease of 21% as well.

SIIG announces that its interim financial results for the Second quarter period ended on June 30, 2007 showed a net income after Zakat of 126 Million Saudi Riyals compared to 123 Million Saudi Riyals for the same period of last year 2006 with an increase of 3 Million Saudi Riyals (2.4%), which resulted in earnings per share of 56 Halalas compared to 55 Halalas for the same period of last year 2006.

The downturn in net income was caused by the 70-day production shutdown of the first project (Saudi Chevron Phillips) that started on February 1, 2007 for the purpose of completing the scheduled maintenance and the joint between the first project (Saudi Chevron Phillips) and the second project (Jubail Chevron Phillips). However, the first project resumed normal production on April 10, 2007.

It was noted in the interim consolidated financial statements of SIIG that some line items from interim financial statements of SIIG and its subsidiaries were reclassified for consolidation purposes.
 
 

June 13, 2007

 

SIIG announces that its interim financial results for the period ended on May 31, 2007

SIIG announces that its interim financial results for the period ended on May 31, 2007 show a net income after Zakat of 126 Million Saudi Riyals compared to 203 Million Saudi Riyals for the same period of last year 2006 

The decrease in earnings was the result of the 70-day shutdown period at SIIG's first project (SCP) from February 1 to April 10. The project resumed normal production in April. However, most of the production was used to fill the tanks creating reserves of inventory.

 
 

13 May 2007

SIIG announces the results of its General Assembly

SIIG's Ordinary General Assembly resulted in the shareholders approval of all recommendations by the board of directors as follows:

1.    Approval of the 2006 Board Report.

2.    Approval of the 2006 Financial Statements & Audit Report.

3.    Exonerate Board members for the fiscal year 2006.

4.    Approval of the board recommendation to distribute SR 225 million as cash dividends, that is SR 1 per share, to the shareholders as on January 6, 2007.

5.    Approval of the audit committee recommendation to hire the external auditor for the fiscal year 2007 and his proposed fees.

 
 

9 May 2007

SIIG announces its estimate net income until the end of April 2007  

 

SIIG announces that its interim financial results for the period ended on April 30, 2007 show a net income after Zakat of 63 Million Saudi Riyals compared to 165 Million Saudi Riyals for the same period of last year 2006

The decrease in earnings was the result of the 70-day shutdown period at the SIIG's first project (SCP) from February 1 to April 10. After completing the scheduled maintenance, linking the first project expansion, and linking the first project with the second one (JCP), the project resumed normal production in April. However, most of the production was used to fill the tanks creating reserves of inventory.

 
 

8 May 2007

SIIG reminds its shareholder of it upcoming Ordinary General Assembly meeting

 

SIIG announces that it will hold its upcoming Ordinary General Assembly meeting on Saturday May 12, 2007 at 7pm at the Riyadh Marriott Hotel, and will discuss the following:
1. Approval of the 2006 Board Report.
2. Approval of the 2006 Financial Statements & Audit Report.
3. Exonerate Board members for the fiscal year 2006.
4. Approval of the board recommendation to distribute SR 225 million as cash dividends, that is SR 1 per share, to the shareholders as on January 6, 2007.
5. Approval of the audit committee recommendation to hire the external auditor for the fiscal year 2007 and his proposed fees.

*This is a reminder of the original release on Tadawul.
 
 

14 April 2007

 

SIIG announces its financial results for the first quarter of 2007  

 

SIIG announces that its interim financial results for the period ended on March 31, 2007 showed a net income after Zakat of 67 Million Saudi Riyals.

SIIG announces that its interim financial results for the first quarter period ended on March 31, 2007 showed a net income after Zakat of 67 Million Saudi Riyals compared to 131 Million Saudi Riyals for the same period of last year 2006 with a decrease of 64 Million Saudi Riyals (49%), which resulted in earnings per share of 30 Halalas compared to 73 Halalas for the same period of last year 2006.

Income from operations reached 67 Million Saudi Riyals for the first quarter period ended on March 31, 2007 compared to 130 Million Saudi Riyals for the same period of last year 2006 showing a decrease of 49% as well.

The downturn in net income was caused by the 75-day production shutdown of the first project (Saudi Chevron Phillips) that started on February 1, 2007 for the purpose of completing the scheduled maintenance and the joint between the first project (Saudi Chevron Phillips) and the second project (Jubail Chevron Phillips). However, the first project resumed normal production on April 10, 2007.

It was noted in the interim consolidated financial statements of SIIG that some line items from interim financial statements of SIIG and its subsidiaries were reclassified for consolidation purposes. Click here to see the statements.
 
 

10 March 2007

 

SIIG announces its estimate net income until Feb 2007  

 

SIIG net income from the start of the year till 28/2/2007 is estimated to be around (72) Million Riyal compared to (92) Million Riyals from the same period last year.

 

SIIG would also like to note that the SCP Plant has already started a 75 day scheduled shutdown  on the first of February in order to work on expansion work and link the SCP project to the new JCP project.

 
 

28 February 2007

SIIG announces its Audited Financials Statements for 2006

SIIG announces that its audited consolidated financial statements for the year ended 31/12/2006 showed its operating income at SR 570 million (five hundred seventy million Saudi Riyals) compared to SR 411 million (four hundred eleven million Saudi Riyals) for the year ended 31/12/2005. The increase in operating income of SR 159 million (one hundred fifty nine Saudi Riyals), which is (39%), was due to increase in selling prices and steady production.

Net income after Zakat for the period ended 31/12/2006 amounted SR 587 million (five hundred eighty seven million Saudi Riyals) compared to SR 415 million (four hundred fifteen millions Saudi Riyals) for the year ended 31/12/2005. The increase amounted SR 172 million (one hundred seventy two million Saudi Riyals), which is (41%). Accordingly, earnings per share increased to SR 2.61 (two Saudi Riyals & sixty one Halalas) in the year 2006 compared to SR 2.30 (two Saudi Riyals & thirty Halalas) in the year 2005.

The board of directors of SIIG changed the accounting policy during 2006. The company financial statements were consolidated with its subsidiaries proportionately to its ownership percentage in those subsidiaries. Thus, substantial changes were noted between the financial statements for the year 2006 and previous years.

Click here to see the entire statements.

 
 

15 January 2007

SIIG Announcement regarding its Capital Increase

As per approval of CMA for SIIG to increase its capital by SR 2.1 Billion for the purpose of financing its third project, which is expected to cost more than SR 14 Billion, the company will apply to the Ministry of Commerce and Industry to approve the capital increase and to schedule the extraordinary general assembly in order to obtain shareholders' approval.

To determine the number of shares to be issued and the share’s premium, and since the company is already listed, the board of directors declares that the price of the rights issues and the public offering will be determined after closing working day of Tadawul corresponding to the extraordinary general assembly meeting day.

The issuing price will be determined by a formula taking into consideration the market price after deducting the dilution effect resulting from the increase in the number of shares outstanding and on the condition that the number of shares would be without fractions.

50% of the issue will be as right issues to existing shareholders recorded on the Company's records as on the closing of the working day of Tadawul corresponding to the extraordinary general assembly meeting. This would guarantee shareholders to purchase a number of shares proportionate to the number of shares they own. The other 50% will be offered to public. However, both shareholders and the public will be entitled to purchase any excess from each others' share in the issuing.
 
 

14 January 2007

CMA Approves SIIG Capital Increase

SIIG applied to the CMA a request to increase its capital by SR 2.1 Billion through issuing new shares, 50% of which to be in the form of right issues to existing shareholders recorded on the Company's records as on the closing of the working day of Tadawul corresponding to the extraordinary general assembly meeting, and the other 50% to be offered to the public. The offering price and the number of shares will be determined by SIIG after closing working day of Tadawul corresponding to the extraordinary general assembly meeting.

After studying the application with regard to the surrounding circumstances, regulations, the Companies' Law, and the memorandum of understanding (MOU) between CMA and Ministry of Petroleum and Mineral Resources, CMA announced its approval to SIIG capital increase as per above. The prospectus for the right issues and the public offering will be provided to the public free of charge.
 
 

11 January 2007

4th Quarter Results

SIIG announces that the un-audited interim financial statements of the company show a net income of SR 593 MM (Five Hundred Ninety Three Million Saudi Riyals) for the period ended 31/12/2006, compared to SR 413 MM (Four Hundred Thirteen Million Saudi Riyals) for the period ended 31/12/2005, with an increase of SR 180 MM (One Hundred Eighty Million Saudi Riyals) at 44% over the period ended 31/12/2005. Accordingly, the earnings per share for the period ended 31/12/2006 is SR 2.63 (Two Saudi Riyals & Sixty Three Halalas) compared to SR 2.29 (Two Saudi Riyals & Twenty Nine Halalas) for the period ended 31/12/2005.

The interim operating income for the period ended 31/12/2006 is SR 550 MM (Five Hundred Fifty Million Saudi Riyals), compared to SR 397 MM (Three Hundred Ninety Seven Million Saudi Riyals) for the period ended 31/12/2005, with an increase of 39%. The 4th quarter ended 31/12/2006 amounted to SR 154 MM (One Hundred Fifty Four Million Saudi Riyals), compared to SR 78 (Seventy Eight Million Saudi Riyals) for the quarter ended 31/12/2005. The change in income for the 4th quarter ended 31/12/2006 was due to increase in prices and stability of production. Full Result can be seen here.
 
 

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