Riyadh – Mubasher: The net profits of the Saudi Industrial Investment Group (SIIG) for the fourth quarter (Q4) surged by 273% year-on-year (YoY) to SAR 235 million.
The rise in quarterly profits was driven by a higher share of SIIG’s profits from the jointly-managed projects to SAR 91 million, combined with lower selling and distribution expenses, financing costs, and Zakat expenses, according to a bourse filing on Sunday.
Meanwhile, the company’s share of profits from its 50%-owned subsidiary, National Petrochemical Company (Petrochem), has increased to SAR 124 million in the last quarter.
SIIG posted SAR 1.6 billion in revenues during Q4-20, a yearly drop of 12.1%.
In 2020, the profits of the Tadawul-listed firm shrank by 84.8% to SAR 92 million, compared to SAR 606 million in 2019.
