saudi ind investment group (SIIG) Snapshot

Saudi Industrial Investment Group announced consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net profit of SAR 60 million compared to SAR 201 million for the same quarter in 2012, representing a decrease of 70%, and compared to a net profit for the last quarter of SAR 21 million representing an increase of 186%. Profit from operations was SAR 134 million compared to SAR 205 million for the same quarter in 2012, representing a decrease of 34.6%. Earnings per share amounted to SAR 0.13 compared to SAR 0.45 for the same period in 2012. The reasons for the decrease in the net profit and profit from operations in the first quarter compared to the same quarter in 2012 are Jubail Chevron Phillips project (JCP) had shutdown production on 18 January 13 because of some technical problems in one of the project units, which led to a full shutdown in the Styrene production unit. Both projects, Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP) had shutdown for the purpose of scheduled maintenance as following: Saudi Chevron Phillips (SCP), total of 32 days shutdown started from 31 January 2013; Jubail Chevron Phillips (JCP), total of 33 days shutdown started from 18 February 2013.

Saudi Industrial Investment Group's board of directors, at its meeting held on December 16, 2012, recommended to the General Assembly the distribution of SAR 450 million in dividends to shareholders for 2012 at SAR 1 per share, which represents 10% of the nominal value for each share. Eligibility will be for shareholders listed on Tadawul at the end of trading on the date of the meeting of the General Assembly, expected to be during April 2013.

Saudi Industrial Investment Group, Board Meeting, Dec 16, 2012. Agenda: To recommend dividend for the year 2012.