Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) on Wednesday said its net profits decreased by 53.64% year-on-year in the second quarter of 2017.

Net profits tumbled to SAR 70 million in Q2-17, from SAR 151 million in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net profits slid 77.42%.

The Tadawul-listed group attributed the drop in its year-on-year net profits to the decline in its profits of the projects which are managed jointly with Jubail Chevron (JCP), Saudi Chevron (SCP), and the National Petrochemical Company (Petrochem).

At the level of the first six months of 2017, net profits surged 109.94% to reach SAR 380 million, compared to SAR 181 million in H1-16.

By 11:36 am Saudi time, SIIG’s stock levelled down 2.44% to SAR 18.76.