Saudi Industrial Investment Group (SIIG) [2250.SE] announced its 4Q2015 results this morning with net income falling 73% Q-o-Q (-35% Y-o-Y) to SAR55 million. Gross profit was SAR546 million, down 28% Q-o-Q (-11% Y-o-Y) while operating profits dropped 47% Q-o-Q (-15% Y-o-Y) to SAR341 million. The company attributed the lower earnings Q-o-Q and Y-o-Y to: i) losses at its joint venture (JV) projects (Saudi Chevron Phillips and Jubail Chevron Phillips) due to weaker prices and lower sales volume on the back of the maintenance shutdowns at both projects during the quarter; ii) increased losses at the Petrochemical Conversion Company (PCC); and iii) a decline in earnings at Petrochem, SIIG’s 50%-owned subsidiary, due to the strong decline in product prices. (Tadawul)