Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) disclosed its interim financial results for the third quarter of 2019.
Net profits after zakat and tax declined by 49.8% to SAR 160 million in Q3-19, compared to SAR 319 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Monday.
SIIG’s share of profit of the projects managed jointly (SCP, JCP) has decreased to SAR 83 million in Q3-19 instead of SAR 177 million, which led to a drop in its profits.
Moreover, the company’s share of profit of the National Petrochemical Company (Petrochem) has decreased over the quarter to SAR 83 million, compared to SAR 157 million in Q3-18.
Similarly, revenues decreased by 14.7% year-on-year to SAR 1.9 billion during the three-month period between July and September.
For the first nine months of 2019, net profits of SIIG retreated by 35.16% to SAR 544 million, from SAR 839 million over the same period a year ago.
Total revenues of the Saudi-based firm went down by 16.57% to SAR 5.62 billion in a nine-month period, against SAR 6.74 billion in the same period last year.
Profit per share stood at SAR 1.21 by the end of September, versus SAR 1.86 in September 2018.
