Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) on Monday reported a 41.15% year-on-year profit increase after calculating Zakat and Tax in the third quarter of 2018, logging SAR 319 million ($85.05 million), from SAR 226 million ($60.25 million).
SIIG’s profits rose after earnings growth in the joint ventures (JVs) of (SCP and JCP), coupled with higher profits from the National Petrochemical Company (Petrochem), and an increase in other income, according to a bourse statement.
Quarter-on-quarter, the Saudi firm’s profits shed 0.62% during the July-September period of 2018, from SAR 321 million.
SIIG’s revenues went up 31% to SAR 2.29 billion in Q3-18, compared to SAR 1.75 billion in the year-ago period.
During the first nine months of 2018, the firm’s net profits after calculating Zakat and Tax grew 38.4% year-on-year to SAR 839 million, from SAR 606 million.
The Saudi group attributed the nine-month profit growth to a rise in the profit stake from Petrochem to SAR 460 million, along with a drop in administrative and general expenses.
Sales increase by 30% to SAR 6.74 billion from January to September this year, from SAR 5.19 billion a year earlier.
Earnings per share (EPS) reached SAR 1.86 by the end of September, up from SAR 1.35.
On Sunday, SIIG’s board of directors announced approving to distribute a cash dividend of SAR 337.5 million, or SAR 0.75 per share for H2-18.
By 10:48 am Saudi time, SIIG’s stock rose 5.53%, reaching SAR 26.65.
