Saudi Industrial Investment Group (SIIG) [2250.SE] has announced its 3Q16 financial results, showing net profit of SAR163mn (-21.26% Y-o-Y, -24.54% Q-o-Q). Gross profit came in at SAR558mn (-26.39% Y-o-Y, -2.79% Q-o-Q), while operating profit reached SAR477mn (-26.28% Y-o-Y, -12.64% Q-o-Q). Revenues for 3Q16 were reported at SAR1,601mn (-16% Y-o-Y). The company attributed the Y-o-Y decrease in profits to the following: i) Decrease in the proportionate profit from National Petrochemical Company (Petrochem); ii) Increase in feedstock and electricity costs, which affected profits by SAR34mn; iii) Increase in the proportionate losses from Petrochemical conversion company (PCC) to SAR42mn compared to loss of SAR25mn in 3Q15. The company added that their proportionate profit from jointly-managed projects Saudi Chevron Phillips Company (SCP) and Jubail Chevron Phillips Company (JCP) increased due to the improvement in sales volume. (Tadawul)