Riyadh – Mubasher: The net earnings of the Saudi Industrial Investment Group (SIIG) for the third quarter (Q3) slumped by 46.9% on an annual basis to SAR 85 million.
This drop came as SIIG’s share of profit from the jointly-managed projects fell to SAR 31 million this quarter, compared to SAR 83 million in the same period last year, due to the sharp decrease in products’ prices, according to a bourse filing on Thursday.
Moreover, the company’s share of profit from the National Petrochemical Company (Petrochem) shrank to SAR 62 million.
Revenue for Q3-20 fell by 26.7% yearly to SAR 1.4 billion, compared with SAR 1.96 billion in Q3-19.
During the first nine months of 2020, the firm turned to a net loss of SAR 143 million, compared with SAR 544 million worth of a net profit last year.
