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SIIG profits down 30% in 2019

SIIG profits down 30% in 2019
Net profits after Zakat and tax amounted to SAR 605 million in 2019
SIIG
2250
-3.61% 22.42 -0.84

Riyadh – Mubasher: Saudi Industrial Investment Group (SIIG) reported a 30% decline in net profits for 2019, as shown by the company’s interim annual financial results.

Net profit amounted to SAR 605 million last year, compared with SAR 865 million in 2018, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

SIIG attributed the fall in profits to three main reasons, namely: a decrease in its share of profit of the jointly managed projects, SCP and JCP, to SAR 274 Million; a decrease in profit share from Petrochem to SAR 337 million in the current period compared to SR 581 Million for the same period of the previous year; and a decrease in other incomes.

During the fourth quarter (Q4) of last year, SIIG profits more than doubled to SAR 62 million, increasing by 138.46% compared to its level in Q4-18 at SAR 26 million.