SIIG has released its 4Q16 financial results, showing net profit of SAR19mn (-88.34% Q-o-Q, -65.45% Y-o-Y). Gross profit was reported at SAR40mn (-92.83% Q-o-Q, -92.67% Y-o-Y), while operating losses came at SAR19mn vs. operating profit of SAR477mn in 3Q16 and SAR341mn in 4Q15. Revenues fell 30% Y-o-Y to SAR1,163mn. The company attributed the Y-o-Y decline in performance to the: i) decrease in its profits from Petrochem to SAR198mn compared to SAR453mn in 4Q15 due to a shutdown; ii) hike in electricity costs reduced the company’s profits by SAR120mn; iii) an increase in SIIG’s portion of losses in PCC to SAR203mn; and iv) increasing zakat expense. It is worth mentioning that the company’s profits increased from its jointly managed projects (SCP, JCP) due to base effect as scheduled maintenance was conducted in 4Q15. The company added that the decrease in Q-o-Q performance was attributed to: i) decrease in the company’s share of profits form Petrochem due to the shutdown; and ii) increase in the company's share of losses in PCC. (Tadawul)