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Saudi Industrial Investment Group soars on quarter-on-quarter profit increase
- Saudi Arabia: Wednesday, April 17 - 2013 at 17:39
The Tadawul All-Share Index in Riyadh lost 0.52% Wednesday and closed trading at 7,060.04 (almost at par with Kuwait KSE Market Index which finished today at 7,086.08). Shares of Saudi Industrial Investment Group or SIIG surged 3.17% to hit SR21.15. SIIG said its net profit for the first quarter was SR60m representing a decrease of 70% year-on-year, and 186% higher quarter-on-quarter. SIIG added that the reasons for the decrease in the net profit and profit from operations in the first quarter compared to the same quarter in 2012 are that the Jubail Chevron Phillips project had to shut down production on Jan. 18 2013 for 33 days "because of some technical problems in one of the project units, which led to a full shutdown in the Styrene production unit." The reason for the increase in net profit quarter-o-quarter is that the company's share of losses realized at its joint venture firm National Petrochemical Co. (PetroChem, up 2.59% at SR19.80) have gone down from SR203m in the last quarter to SR670,000.
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Gérard Al-Fil, Financial JournalistWednesday, April 17 - 2013 at 17:39 UAE local time (GMT+4)
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