Riyadh - Mubasher: The financial statements of Saudi Industrial Investment Group (SIIG) showed a decline in profits last year by 31.4%, according to a bourse filing.

Profits totalled SAR 499 million in 2016 down from SAR 727 million in 2015, with a difference of SAR 13 million compared to initial financial indicators, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The decrease in the net income and operating profit are attributed to a shrinkage in SIIG’s portion of the National Petrochemical Company (Petrochem) profits to SAR 203 million compared to SAR 453 million, as well as the rise in feedstock and electricity costs because of the newly applied government pricing.

The company also witnessed an increase in its portion in the Petrochemical Conversion Company (PCC) losses to SAR 203 million compared to SAR 90 million for the same period of the previous year, which is due to the conversion of all the plants, from projects under constructions to operating facilities, the statement indicated.