Riyadh – Mubasher: The Saudi Industrial Investment Group (SIIG) has reported net losses of SAR 174 million for the first quarter (Q1) of 2020, versus a profit of SAR 178 million in the same period last year, as shown by the company’s interim financial results.
SIIG attributed losses to jointly managed projects making losses of SAR 189 million in Q1-20, due to a large decrease in product prices amidst the coronavirus (COVID-19) pandemic, according to a statement to the Saudi Stock Exchange (Tadawul).
Furthermore, the company recorded a decrease in its share of profit from the National Petrochemical Company (Petrochem) to SAR 24 million compared with SAR 89 million in Q1-19, alongside a decrease in other income.
Revenues declined by 25% to SAR 1.515 billion, down from SAR 2.020 billion for the same period a year earlier.
