Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) on Wednesday turned to profits in the third quarter of 2017, against net losses in the year-ago period.

Net profits stood at SAR 226 million in Q3-17, against net losses of SAR 141 million in Q3-16, according to a bourse statement.

Quarter-on-quarter, profit surged 222.9%.

Saudi Arabia-based investment group attributed turning profitable year-on-year to an increase in SIIG’s stake in the projects which are managed jointly by SCP, and JCP, and a rise in its stake in the National Petrochemical Company (Petrochem) by SAR 99 million.

At the level of the first nine months of 2017, the group net profits soared 1,454% to reach SAR 606 million, compared to SAR 39 million in the corresponding period in the year earlier.

By 12:45 pm KSA time, SIIG's stock dropped 1.35% to reach SAR 21.96.