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.
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