Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) reported a 10.55% year-on-year decline in net profits for the first quarter of 2019.
Net Profit after zakat and tax stood at SAR 178 million in Q1-19, compared to SAR 199 million in the same quarter of 2018, SIIG said in a bourse filing on Wednesday.
The company has attributed the drop in profits to a decrease in its profit share in the National Petrochemical Company (Petrochem), reaching SAR 89 million in the three-month period, versus SAR 167 million for Q1-18.
Additionally, SIIGs’ share of profit from the projects managed jointly (SCP, JCP) rose to SAR 91 million in Q1-19, versus SAR 35 million for the year-ago period, according to the filing.
Quarter-on-quarter, the company’s profits soared 584.6%, as compared with SAR 26 million in Q4-18.
Revenues fell 8.6% to SAR 2.02 billion in the January-March period of 2019 from SAR 2.21 billion in Q1-18.
SIIG reported that its profits dropped by 93.22% in Q4-18 to SAR 27 million, against SAR 398 million in the same quarter of 2017.
