SIIG posts SAR242m loss in Q1-2023
ALBAWABA – The Saudi Industrial Investment Group (SIIG) posted losses in the first quarter of the year 2023 (Q1-2023), amounting to 242 million Saudi Riyals (SAR), or $64.5 million, according to Alarabiya.net.
SIIG’s losses retracted by 18.24 percent from SAR296 million ($78.9 million) in Q4-2022. But compared to Q1-2022, the company’s financial results reflect a massive decline, from around SAR296 million ($78.9 million) in profits.
In a statement issued on Wednesday, the Saudi group explained that the loss resulted from an unscheduled stoppage of the Saudi Polymers Company projects earlier this year.
This is in addition to the decline in the selling prices of the company’s products.
In Q4-2022, SIIG’s revenues dropped to the red, after making SAR574 million (153 million) in net profits after taxes during the first three quarters of the year, Zawya.com reported.
Compared to the same duration in 2021, the group’s profits in the first nine months of 2022 marked a steep 43.45 percent decline from SAR1.01 billion ($269.3 million).
In March this year, the Saudi group announced purchasing a stake in Unibio International, a leading company in the field of bio-protein production technologies, based in Denmark.
The group's share was valued at approximately $70 million. Roughly 24 percent of the total value of Unibio's current investment round.
According to a statement carried by Alarabia.net, SIIG’s investment in Unibio is part of the group’s strategy to diversify investment.
SIIG aims to localize related biotechnologies through partnerships with industry leaders, in line with Saudi Arabia’s Vision 2023.
