Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) disclosed its initial financial statements for the second quarter of 2019.
Net profits after zakat and tax went down 36% to SAR 205 million in Q2-19, compared to SAR 321 million in Q2-18, according to the firm’s filing to the Saudi Stock Exchange (Tadawul) on Monday.
The reasons for the decrease in the net income were attributed to SIIG’s share of profit of the projects managed jointly (SCP, JCP) has decreased in Q2-19 to be SAR 112 million, compared to SAR 187 million for the same quarter of the previous year.
Moreover, SIIG’s share of profit of the National Petrochemical Company (Petrochem) has decreased in the previous quarter to be SAR 96 million during Q2-19, from SAR 136 million in the same quarter a year ago.
Similarly, total revenues retreated by 26% to SAR 1.65 billion during the three-month period between April and June, from SAR 2.23 billion in the corresponding period last year.
For the first six months of 2019, net profits of SIIG levelled down by 26.3% to SAR 383 million, versus SAR 520 million in H1-18.
Revenues of the Saudi-based company decreased by 17.5% year-on-year to SAR 3.67 billion by the end of June.
Profit per share went down to SAR 0.85% in H1-19, from SAR 1.16 in the corresponding period of 2018.
