The Saudi Industrial Investment Group Company recorded a decrease in net profits for the first quarter of this year by 23% to 235 million riyals, compared to profits of 305 million riyals achieved during the same period in 2021.
The company explained in a statement on “Saudi Tadawul” today, Tuesday, that the reason for the decrease in profits during the first quarter of 2022 compared to the same quarter of the previous year, is due to the decrease in the group’s share in the profits of jointly managed projects as a result of high feedstock costs, which led to a decrease in the profit margin.
The company attributed the reason for the increase in profits during the first quarter of this year compared to the previous quarter to the increase in the group’s share in jointly managed projects as a result of the improvement in selling prices of products, in addition to the decrease in general and administrative expenses and Zakat expenses.
