Riyadh: Saudi Industrial Investment Group (SIIG) on Sunday posted a 358.6% year-on-year leap in its profits for the second quarter of 2018.
SIIG’s profits skyrocketed to SAR 321 million during the period between April and June, from SAR 70 million during Q2-17, according to a bourse filing.
Quarter-on-quarter, profits jumped 61.3% in Q2-18, from SAR 199 million.
The company attributed the second-quarter profit jump to a rise in its profits’ stake of the projects managed jointly (SCP, JCP), as well as to a growth in its profits’ stake in the National Petrochemical Company (Petrochem) to hit SAR 136 million.
Sales increased 28% to SAR 2.24 billion in the three-month period ended June, compared to SAR 1.75 billion in the same period a year earlier.
At the level of the first six months of 2018, SIIG reported a 36.8% profit hike to SAR 520 million, up from SAR 380 million during H1-17.
The Tadawul-listed group’s sales rose 29% to SAR 4.45 billion during H1-18, from SAR 3.44 billion in the same six months of 2017.
By 12:55 pm Saudi time, SIIG’s stock tumbled 7.09% to reach SAR 27.50.