The Saudi Industrial Investment Group achieved a 273% increase in its fourth quarter 2020 profits, to reach 235 million riyals, compared to 61 million riyals, in the same quarter of the year 2019.
According to Arabiya Net, profits grew by 176%, on a quarterly basis, as it had achieved 85 million riyals in the previous quarter.
The Saudi group said that the reason for the increase in net profit during the current quarter compared with the same quarter of the previous year is to achieve jointly managed projects profits for the current quarter of 91 million, compared to Losses of 11 million for the same quarter of the previous year, as a result of the scheduled periodic maintenance work for the SCP project that was carried out during the fourth quarter of the previous year.
The group’s share in the profits of the National Petrochemical Company (Petrochem) also increased, to reach for the current quarter 124 million riyals compared to 69 million riyals for the same quarter of the previous year, in addition to a decrease in selling expenses Distribution, financing costs, and zakat
During 2020, the profits made by the Saudi group amounted to 92 million riyals, compared to 606 million riyals, in 2019, a decrease of 84.8%.
On the reasons for the decline in annual profits, the company said that it returns to jointly managed projects incurring losses of 15 million riyals for the current period, in exchange for profits of 274 million riyals for the same period of the year The previous, due to the sharp decline in product prices, as a result of the global economy being affected by the Corona pandemic.
the decline of the group's share in the profits of the National Petrochemical Company (Petrochem) to reach 114 million riyals for the current period compared to 336 million riyals for the same period of the previous year, as a result of a decrease in prices The sale of products, in addition to Petrochem's loss of the full value of the polystyrene unit, which was suspended during the current period, and the group's share of this operation amounted to a loss of (127) million riyals, in addition to the decrease in other revenues.
