Riyadh – Mubasher: Saudi Industrial Investment Group's (SIIG) net profit fell by 65.45% year-on-year to SAR 19 million($5.07 million) in the fourth quarter of 2015 from SAR 55 million ($14.77 million).

The profit decline in Q4 was ascribed to lower SIIGs portion of the National Petrochemical Company and higher feedstock and electricity costs, according to a bourse filing on Thursday.

An Increase in SIIGs portion of the projects managed jointly (SCP, JCP) in the current quarter due to the scheduled maintenance Q4-15 also contributed to the profit decrease. 

Net profit for the twelve-month period of 2016 amounted to SAR 486 million, down 33.15% year-on-year from SAR 727 million.