Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) on Monday reported a 35.8% year-on-year slump in its net profits for the first quarter of 2018, compared to the year-ago period.

SIIG’s profits retreated to SAR 199 million in the three-month period ended March 2018, down from SAR 310 million in Q1-17, according to a bourse filing.

The company attributed the fall of its first-quarter profits to a drop in SIIG's earnings from the joint projects (SCP and JCP) to SAR 37 million in Q1-18, compared to SAR 261 million during Q1-17.

SIIG also ascribed the drop of profits to a rise in selling and marketing expenses in its stake in the National Petrochemical Company (Petrochem), as well as in financing costs.

Sales surged 31% to SAR 2.21 billion during Q1-18, up from SAR 1.69 billion in Q1-17.

“The shareholders equity (excluding non-controlling interests) at Q1-18 is SAR 6,763 million, compared to SAR 6,327 million for Q1-17 with an increase of 6.89%,” the statement added.

Quarter-on-quarter, profits plunged 50% from SAR 398 million in Q4-17.

SIIG’s stock decreased 1.5%, closing Sunday at SAR 25.06.