SIIG profits down to SR511 million in 9 months

29/10/2013 09:08 AST

Profits of Saudi Industrial Investment Group (SIIG) dropped by one percent to SR511 million in the last nine months of 2013 compared to SR517.6 million in the same period last year, local media said quoting a company's report.

The SIIG group, which is listed on Saudi stock exchange (Tadawul), attributed the fall in profits to the commercial operation of the National Petrochemical Company (PetroChem) and the rise in sales and distribution expenses.

Accordingly, share of the group's losses at PetroChem increased to SR70 million in Q3, 2013 from SR29 million in the comparable period last year, the report said.

The group cited other reasons for profits fall, including shutdown of Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP) for regular and unscheduled maintenance works in Q1, 2013. Both companies are 50 percent owned by the SIIG.

However, there was an increase in the net profit in Q3 compared to the same quarter in 2012 due to the clear improvement in the results of the company's shared projects, SCP and JCP, the report said.

SIIG is said to be one of firms concerned with the improving and developing the industrial base in the Kingdom, especially the petrochemical industries. It has a varied products of ethylene, polyethylene, hexane, polypropylene, and polystyrene.


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