Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) on Thursday announced that its net profits surged 969% to SAR 310 million in the first quarter of 2017, compared to SAR 29 million in the same quarter last year.

The company attributed the rise in net profits to the increase in SIIGs portion of the projects managed jointly (SCP, JCP), and in the National Petrochemical Company (Petrochem), according to a bourse filing.

Furthermore, the decrease of SIIG’s financing payments to its subsidiary Petrochemical Conversion Company (PCC) as well as stopping to recognise its share of the accumulated losses in PCC contributed to SIIG’s profit increase.

SIIG had previously reported a 31.36% drop in net profits to SAR 499 million in 2016, compared to SAR 727 million in 2015.

SIIG’s stock closed Thursday down 0.21% to SAR 19.12.