riyadh: Net profits of the Saudi listed industrial investment firms grew by 16 percent to SR583 million in the first quarter of the current year (2015) compared to SR503 million in the same period last year, according to a financial report.

Similarly, the Q1 profits of the sector grew by 1.21 percent compared to profits of the fourth quarter of the previous year (2014), which stood at SR576 million, Al-Hayat daily said in a report.

The industrial investment sector is composed of 15 firms with their market capitalization at SR82.2 billion, or 4 percent of the Saudi market value. Capitals of the sector reached SR18.5 billion.

Saudi Arabian Mining Company (Maaden) was the biggest in terms of capital, which stood at SR11.7 billion, or 63 percent of the sector’s total capitals, whereas the Saudi Industrial Exports Company has the least capital at SR108 million, or 0.58 percent, the report said.

Maaden topped the list of the biggest profit-making firms after having achieved SR261 million in Q1 2015, compared to SR125.2 million, or an increase of 108 percent. The company attributed profit surge to a number of reasons, including growth of sales and increase of other short-term investment revenues, the report said.

Likewise, profits of Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) grew by 9 percent to reach SR99.4 million in Q1, 2015, compared to SR91.2 million in Q1, 2014. The company attributed the profit growth to the growth of sales and keeping sales and marketing costs to the required levels.

Meanwhile, profits of Saudi Chemical Company fell by 5 percent to SR86.22 million in Q1 compared to SR91 million in Q1, 2014. The profit fall was attributed to the sales fall and drop in profits of some products in addition to marginal increases in generalized, administrative and marketing costs, the report said.

Similarly, net profits of Abdullatif Industrial Investment Company dropped by 25 percent to SR45 million in Q1 compared to SR60 million in the same period last year.

Unlike the above companies, Takween Advanced Industries Company registered a loss of SR15.48 million in Q1, 2015, compared to profits of SR8.8 million in Q1, 2014. The company attributed the loss to the increased costs of research and development (R&D) sales and other generalized and financial costs, the report said.