Saudi Industrial Investment Group (SIIG) reported net profit after Zakat and tax of SR 92 million ($24.53 million) for fiscal year 2020, plunging 85 percent year-on-year (YoY), due to lower profit share from National Petrochemical Co. (Petrochem) to SR 114 million, compared to SR 336 million in year-earlier period.
Q4 2020 net profit after Zakat and tax increased by more than three-fold YoY to SR 235 million, driven by higher profit share from associates, and lower selling and distribution expenses.
On a sequential basis, Q4 2020 net profit more than doubled.
