Saudi group SIIG quarterly losses down 18.24%
- Date: 10-May-2023
- Source: Al Bawaba
- Sector:Financial Markets
- Country:Saudi Arabia
Saudi group SIIG quarterly losses down 18.24%
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.
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