Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) on Thursday reported a 1109% year-on-year surge in its profits during the full-year 2017, compared to the previous year.

SIIG posted SAR 1.004 billion in last year versus SAR 83 million during 2016, according to a bourse statement.

The firm attributed the increase in its annual profits to a growth in SIIG’s stake in projects that are managed jointly (SCP-JCP).

There was also a decline in financing payments to its subsidiary Petrochemical Conversion Company (PCC) as they hit SAR 41 million during 2017 against SAR 159 million in the year earlier.

Selling the company’s stake in Petrochemical Conversion Company (PCC) that amounted to SAR 31 million pushed the profits up, the statement showed.