Saudi Industrial Investment Group’s net profit attributable to shareholders rose to SR90 million ($24 million) in the third quarter from SR8 million a year earlier, an increase of 1,025%.
The company said in a Tadawul filing on Thursday that a larger share of profit from its joint ventures drove the gain, Mubasher reported.
Higher average selling prices for some products helped. Depreciation at the joint ventures also fell after a reassessment of assets’ estimated useful lives at the start of the year.
Higher feedstock costs for some materials and lower sales volumes for some products, due to supply chain disruption, partly offset the increase. Zakat expense rose to SR3 million from SR1 million, and finance income from murabaha deposits fell.
The company swung to a profit from a net loss of SR58 million in the second quarter.
Nine months
Nine-month net profit rose 513% to SR282 million ($75.2 million) from SR46 million. Earnings per share were SR0.43, up from SR0.06.
The company accounts for its joint ventures using the equity method, so revenue and gross profit do not appear in its income statement.
 from SR8 million. Nine-month profit rose 513% to SR282 million.){kind=link}