Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) has reported a 93.22% year-on-year decline in net profit after Zakat and tax during the fourth quarter of 2018, recording SAR 27 million.
SIIG's revenue edged up 0.65% to SAR 2.183 billion in Q4-18, against SAR 2.169 billion in the comparative period of 2017, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.
The decline in net profit is attributed to the projects managed jointly (SCP, JCP) registering losses, with SIIG's share of the losses amounting to SAR 85 million in Q4-18 versus a profit of SAR 186 million in Q3-17 on the back of a sharp decrease in the product prices of those projects, SIIG said.
Moreover, SIIG’s share of profit of the National Petrochemical Company (Petrochem) was SAR 121 million in Q4-18, down from SAR 196 million in the year-ago period.
SIIG also sold its project the Petrochemical Conversion Company (PCC) for SAR 31 million in Q4-17, registering a one-time gain during the period.
SIIG’s operational profit dropped 76.8% year-on-year to SAR 171 million from October to the end of December 2018, the statement showed.
During the full year 2018, the Saudi company’s net profit after Zakat and tax retreated 13.64% year-on-year to SAR 867 million from SAR 1.004 billion in 2017, while its revenues surged 21.26% to SAR 8.93 billion, in comparison with SAR 7.36 billion a year earlier.
