SIIG 9M 2023 profit dips 82% to SAR 101 mln; Q3 at SAR 222 mln

Saudi Industrial Investment Group (SIIG) reported a slump of 82% in net profit to SAR 101 million in the first nine months of 2023, compared to SAR 574 million a year earlier. 

The nine-month results were hurt by a decline in SIIG’s profit share from joint ventures (JVs) on lower selling prices and sales volumes.

Further, the unplanned shutdown of Saudi Polymer Co. during the current period also weighed on net profit.

The three-month net profit soared 97% to SAR 16.8 million from SAR 8.5 million in Q3 2022. SIIG reported a higher profit share from JVs, due to lower feedstock prices and better sales volumes.

It also recorded a higher return from Murabaha deals and lower Zakat expenses.

The company’s bottom line climbed 84.8% from SAR 120.1 million in Q2 2023, thanks to a better profit share from JVs, due to lower feedstock prices and better sales volumes, along with lower Zakat expenses.

Total shareholders’ equity, no minority interest, declined to SAR 10.41 billion as of Sept. 30, 2023, from SAR 11.54 billion a year earlier.

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