Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) posted on Thursday a net profit of SAR 216 million ($57.6 million) for the second quarter of the fiscal year 2016, 36.28% down from SAR 339 million ($93.39 million) reported for Q2-15.
However, net profit grew by 145,45% compared to the first quarter of fiscal 2016, according to a bourse filing.
SIIG said that the y-o-y fall in profit was a result of the decrease in the company’s portion in the National Petrochemical Company’s (Petrochem) earnings to SAR 104 million in Q2-16 from SAR 153 in Q2-15.
The fall was also attributed to the increase in SIIG’s portion in the Petrochemical Conversion Company’s (PCC) losses to SAR 51 million in Q2-16 from SAR 21 million Q2-16, in addition to higher finance charges and Zakat expenses.
In the first half of fiscal 2016, net profits shrank by 34.62% to SAR 304 million, versus SAR 465 million for the same period of 2015.
SIIG earlier posted a net profit of SAR 88 million for Q1-16, 30.16% down from SAR 126 million for Q1-15.
