Saudi Arabia's SIIG sees 23% profit drop in Q1 on higher feedstock costs

RIYADH: Saudi Industrial Investment Group suffered a 23 percent decline in net profit during the first quarter of this year due to higher feedstock prices.

Net profit dropped to SR235 million ($62.6 million) from SR305 million in the first quarter a year earlier, according to a bourse filing.

The statement attributed the lower profit margin to the fact that in its jointly managed projects there was an increase in feedstock costs.

Established in 1996, the Riyadh-based firm is one of the first privately owned petrochemical companies in Saudi Arabia.