Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) turned profitable at SAR 28 million in the first quarter (Q1) of 2024, versus net losses worth SAR 242 million in Q1-23.

Earnings per share (EPS) reached SAR 0.04 in the first three months (3M) of 2024, against a loss per share valued at SAR 0.32 as of 31 March 2023, according to the interim financial results.

The higher net income was attributed to SIIG’s share of profit of the joint ventures (JV), a decrease in the general and administration expenses, as well as a decline in the Zakat expense.

Quarterly, the Q1-24 net profits hiked by 154.54% from SAR 11 million in October-December 2023.

In 2023, SIIG witnessed 59.56% year-on-year (YoY) lower net profits at SAR 112 million, compared to SAR 277 million.