SIIG’s net profit surges to SAR 1 bln in FY17

08/03/2018 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group (SIIG) reported a net profit of SAR 1 billion for the fiscal year 2017, compared to a net profit of SAR 83 million a year earlier.

 

The company attributed the strong performance to a rise in the share of projects that it manages jointly with SCP and JCP, a drop in financing payments to its subsidiary Petrochemical Conversion Co. (PCC), and an increase in other income.

 

SIIG has also stopped recognizing its share of accumulated losses in PCC, in accordance with International Financial Reporting Standards (IFRS), after the accumulated losses exceeded its investment in the company.

 

SIIG annual results were also bolstered by higher profit share from the National Petrochemical Co.’s (Petrochem).



Financials (M)

Item 2016 2017 Change‬
Revenues 6,066.51 7,363.81 21.4 %
Gross Income 1,608.99 2,263.52 40.7 %
Operating Income 1,000.92 1,600.87 59.9 %
Net Income 82.78 1,004.06 1112.9 %
Average Shares 450.00 450.00 -
EPS (Riyals) 0.18 2.23 1112.9 %

In Q4 2017, the styrene producer posted a net profit of SAR 397.7 million, compared to a net profit of SAR 43.7 million in the same period of 2016.



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 1,163.33 2,169.13 86.5 %
Gross Income 51.92 788.19 1418.0 %
Operating Income (96.12) 590.91 714.8 %
Net Income 43.51 397.79 814.2 %
Average Shares 450.00 450.00 -
EPS (Riyals) 0.10 0.88 814.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 552.12 174.1 % 161.25 141.5 % 137.44 104.0 % 0.31
Q2 2008 600.53 64.8 % 193.51 50.2 % 157.53 26.1 % 0.35
Q3 2008 588.95 23.9 % 0.77 (99.5 %) (31.73) (121.8 %) (0.07)
Q4 2008 397.36 (4.9 %) (202.32) (272.5 %) (214.49) (315.3 %) (0.48)
Q1 2009 439.56 (20.4 %) (1.12) (100.7 %) (50.49) (136.7 %) (0.11)
Q2 2009 878.00 46.2 % 134.52 (30.5 %) 73.92 (53.1 %) 0.16
Q3 2009 1,203.46 104.3 % 190.80 24583.2 % 136.49 530.2 % 0.30
Q4 2009 1,239.39 211.9 % 195.83 196.8 % 146.08 168.1 % 0.32
Q1 2010 862.22 96.2 % 216.77 19489.4 % 142.18 381.6 % 0.32
Q2 2010 671.56 (23.5 %) 104.72 (22.2 %) 28.14 (61.9 %) 0.06
Q3 2010 637.43 (47.0 %) 148.75 (22.0 %) 45.96 (66.3 %) 0.10
Q4 2010 1,094.42 (11.7 %) 207.25 5.8 % 188.34 28.9 % 0.42
Q1 2011 1,138.73 32.1 % 296.82 36.9 % 233.63 64.3 % 0.52
Q2 2011 1,138.03 69.5 % 207.47 98.1 % 146.97 422.4 % 0.33
Q3 2011 1,308.36 105.3 % 209.77 41.0 % 143.15 211.5 % 0.32
Q4 2011 890.85 (18.6 %) 68.21 (67.1 %) 4.76 (97.5 %) 0.01
Q1 2012 - - - - 201.10 (13.9 %) 0.45
Q2 2012 - - - - 100.85 (31.4 %) 0.22
Q3 2012 - - - - 215.68 50.7 % 0.48
Q4 2012 857.88 (3.7 %) (478.86) (802.0 %) 21.04 341.6 % 0.05
Q1 2013 689.10 - 172.39 - 59.89 (70.2 %) 0.13
Q2 2013 1,144.23 - 222.85 - 230.21 128.3 % 0.51
Q3 2013 1,117.37 - (38.76) - 221.03 2.5 % 0.49
Q4 2013 1,485.97 73.2 % 370.03 177.3 % 202.96 864.7 % 0.45
Q1 2014 1,709.95 148.1 % 456.16 164.6 % 260.72 335.3 % 0.58
Q2 2014 1,965.81 71.8 % 560.99 151.7 % 210.04 (8.8 %) 0.47
Q3 2014 1,952.47 74.7 % 668.53 1824.9 % 376.44 70.3 % 0.84
Q4 2014 2,230.28 50.1 % 613.39 65.8 % 84.98 (58.1 %) 0.19
Q1 2015 1,770.75 3.6 % 439.57 (3.6 %) 125.74 (51.8 %) 0.28
Q2 2015 1,967.02 0.1 % 738.14 31.6 % 339.12 61.5 % 0.75
Q3 2015 1,911.70 (2.1 %) 757.82 13.4 % 207.12 (45.0 %) 0.46
Q4 2015 1,654.69 (25.8 %) 546.25 (10.9 %) 55.08 (35.2 %) 0.12
Q1 2016 1,659.96 (6.3 %) 425.14 (3.3 %) 29.08 (76.9 %) 0.06
Q2 2016 1,642.22 (16.5 %) 573.53 (22.3 %) 151.47 (55.3 %) 0.34
Q3 2016 1,601.00 (16.3 %) 558.40 (26.3 %) (141.28) (168.2 %) (0.31)
Q4 2016 1,163.33 (29.7 %) 51.92 (90.5 %) 43.51 (21.0 %) 0.10
Q1 2017 1,685.27 1.5 % 502.40 18.2 % 309.54 964.6 % 0.69
Q2 2017 1,754.11 6.8 % 420.83 (26.6 %) 70.25 (53.6 %) 0.16
Q3 2017 1,755.30 9.6 % 552.10 (1.1 %) 226.47 260.3 % 0.50
Q4 2017 2,169.13 86.5 % 788.19 1418.0 % 397.79 814.2 % 0.88
2017 7,363.81 21.4 % 2,263.52 40.7 % 1,004.06 1112.9 % 2.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 31.59 % 30.77 % 28.04 %
Q2 2008 31.11 % 29.58 % 26.40 %
Q3 2008 21.90 % 21.63 % 16.80 %
Q4 2008 7.16 % 7.85 % 2.28 %
Q1 2009 (0.45 %) 1.34 % (6.87 %)
Q2 2009 (2.96 %) 0.10 % (9.67 %)
Q3 2009 4.18 % 6.66 % (1.87 %)
Q4 2009 13.83 % 15.45 % 8.14 %
Q1 2010 17.64 % 19.16 % 11.92 %
Q2 2010 17.81 % 19.76 % 11.39 %
Q3 2010 19.53 % 20.17 % 10.62 %
Q4 2010 20.75 % 21.46 % 12.39 %
Q1 2011 21.39 % 22.05 % 14.00 %
Q2 2011 21.46 % 22.04 % 15.34 %
Q3 2011 19.69 % 20.24 % 15.22 %
Q4 2011 17.48 % 18.10 % 11.81 %
Q1 2012 14.55 % 14.24 % 14.86 %
Q2 2012 12.64 % 8.51 % 20.46 %
Q3 2012 7.66 % (1.85 %) 58.64 %
Q4 2012 (55.82 %) (57.34 %) 62.79 %
Q1 2013 (19.81 %) (13.64 %) 25.69 %
Q2 2013 (3.11 %) 5.10 % 19.58 %
Q3 2013 (3.21 %) 5.33 % 13.97 %
Q4 2013 16.38 % 21.95 % 16.09 %
Q1 2014 18.51 % 22.04 % 16.76 %
Q2 2014 21.47 % 23.36 % 14.25 %
Q3 2014 28.90 % 29.22 % 14.76 %
Q4 2014 29.26 % 29.51 % 11.86 %
Q1 2015 28.82 % 28.66 % 10.07 %
Q2 2015 31.05 % 31.16 % 11.69 %
Q3 2015 32.35 % 33.27 % 9.61 %
Q4 2015 33.98 % 35.22 % 9.95 %
Q1 2016 34.30 % 36.38 % 8.76 %
Q2 2016 33.53 % 35.93 % 6.45 %
Q3 2016 32.07 % 34.63 % 5.62 %
Q4 2016 26.52 % 30.20 % 5.88 %
Q1 2017 27.68 % 31.75 % 10.46 %
Q2 2017 24.72 % 29.05 % 8.96 %
Q3 2017 24.02 % 28.83 % 10.22 %
Q4 2017 30.74 % 34.15 % 12.36 %
2017 30.74 % 34.15 % 12.36 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 450.00 1.13 1.13 12.25
Q2 2008 450.00 1.20 1.20 12.10
Q3 2008 450.00 0.81 0.81 12.03
Q4 2008 450.00 0.11 0.11 11.55
Q1 2009 450.00 (0.31) (0.31) 11.44
Q2 2009 450.00 (0.50) (0.50) 11.60
Q3 2009 450.00 (0.12) (0.12) 11.90
Q4 2009 450.00 0.68 0.68 12.23
Q1 2010 450.00 1.11 1.11 12.55
Q2 2010 450.00 1.01 1.01 12.10
Q3 2010 450.00 0.81 0.81 12.21
Q4 2010 450.00 0.90 0.90 12.62
Q1 2011 450.00 1.10 1.10 13.14
Q2 2011 450.00 1.37 1.37 12.97
Q3 2011 450.00 1.58 1.58 13.28
Q4 2011 450.00 1.17 1.17 13.30
Q1 2012 450.00 1.10 1.10 13.74
Q2 2012 450.00 1.00 1.00 12.96
Q3 2012 450.00 1.16 1.16 13.44
Q4 2012 450.00 1.20 1.20 13.49
Q1 2013 450.00 0.88 0.88 13.62
Q2 2013 450.00 1.17 1.17 13.13
Q3 2013 450.00 1.18 1.18 13.62
Q4 2013 450.00 1.59 1.59 14.07
Q1 2014 450.00 2.03 2.03 14.65
Q2 2014 450.00 1.99 1.99 14.11
Q3 2014 450.00 2.33 2.33 14.95
Q4 2014 450.00 2.07 2.07 15.14
Q1 2015 450.00 1.77 1.77 15.42
Q2 2015 450.00 2.06 2.06 15.17
Q3 2015 450.00 1.68 1.68 15.63
Q4 2015 450.00 1.62 1.62 15.75
Q1 2016 450.00 1.40 1.40 13.26
Q2 2016 450.00 0.98 0.98 13.60
Q3 2016 450.00 0.21 0.82 13.28
Q4 2016 450.00 0.18 0.79 13.37
Q1 2017 450.00 0.81 1.42 14.06
Q2 2017 450.00 0.63 1.24 13.72
Q3 2017 450.00 1.44 1.44 14.22
Q4 2017 450.00 2.23 2.02 14.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 46.48 46.48 4.28
Q2 2008 More than 50 More than 50 5.23
Q3 2008 More than 50 More than 50 3.36
Q4 2008 More than 50 More than 50 1.46
Q1 2009 NEG NEG 1.79
Q2 2009 NEG NEG 2.73
Q3 2009 NEG NEG 3.24
Q4 2009 More than 50 More than 50 2.98
Q1 2010 33.07 33.07 2.92
Q2 2010 29.00 29.00 2.41
Q3 2010 38.33 38.33 2.53
Q4 2010 40.57 40.57 2.89
Q1 2011 35.30 35.30 2.96
Q2 2011 28.29 28.29 2.98
Q3 2011 20.62 20.62 2.46
Q4 2011 27.13 27.13 2.40
Q1 2012 37.66 37.66 3.02
Q2 2012 34.23 34.23 2.64
Q3 2012 33.16 33.16 2.86
Q4 2012 31.74 31.74 2.82
Q1 2013 43.49 43.49 2.82
Q2 2013 36.82 36.82 3.28
Q3 2013 37.16 37.16 3.23
Q4 2013 34.25 34.25 3.86
Q1 2014 28.46 28.46 3.95
Q2 2014 30.43 30.43 4.29
Q3 2014 28.66 28.66 4.47
Q4 2014 20.60 20.60 2.82
Q1 2015 22.01 22.01 2.53
Q2 2015 21.90 21.90 2.97
Q3 2015 17.75 17.75 1.91
Q4 2015 14.34 14.34 1.47
Q1 2016 14.63 14.63 1.55
Q2 2016 22.96 22.96 1.66
Q3 2016 More than 50 26.17 1.61
Q4 2016 More than 50 39.92 2.37
Q1 2017 42.83 24.41 2.46
Q2 2017 More than 50 26.78 2.41
Q3 2017 24.07 24.07 2.44
Q4 2017 14.40 15.89 2.20

Business Segments (Million)

Compared With The
Period Saudi Chevron Phillips Company Jubail Chevron Phillips Petrochem Consolidation adjustments & eliminations
Q1 2010 660.38 671.78 - (469.94)
Q2 2010 500.98 427.03 - (256.44)
Q3 2010 541.08 508.71 - (412.35)
Q4 2010 3,387.92 3,205.90 - (5499.40)
Q1 2011 883.35 886.00 - (630.63)
Q2 2011 2,752.91 2,746.05 - (4360.93)
Q3 2011 1,945.40 1,870.74 - (2507.78)
Q4 2011 1,497.44 1,530.82 - (2137.40)
Q4 2012 - - 857.88 -
Q1 2013 - - 689.10 -
Q2 2013 - - 1,144.23 -
Q3 2013 - - 1,117.37 -
Q4 2013 - - 1,485.97 -
Q1 2014 - - 1,709.95 -
Q2 2014 - - 1,965.81 -
Q3 2014 - - 1,952.47 -
Q4 2014 - - 2,230.28 -
Q1 2015 - - 1,770.75 -
Q2 2015 - - 1,967.02 -
Q3 2015 - - 1,911.70 -
Q4 2015 - - 1,654.69 -
Q1 2016 - - 1,659.96 -
Q2 2016 - - 1,642.22 -
Q3 2016 - - 1,601.00 -
Q4 2016 - - 1,163.33 -
Q1 2017 - - 1,685.27 -
Q2 2017 - - 1,754.11 -
Q3 2017 - - 1,755.30 -
Q4 2017 - - 2,169.13 -

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 226.33 397.79 75.76 %

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
SNB Capital 239.00 397.79 66.4 %
Sico 236.30 397.79 68.3 %
OSOOL AND BAKHEET 220.00 397.79 80.8 %
Riyad Capital 210.00 397.79 89.4 %

Current
Market Cap (M Riyal) 16,756.56
Enterprise Value (EV) (M) 16,194.00
Shares Outstanding ((M)) 754.80
EPS ( Riyal) (TTM) 0.51
Book Value (BV) ( Riyal) 13.31
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 43.95
P/E (TTM) 43.95
Price/book 1.67
Return on Average Assets (%) (TTM) 3.6
Return on Average Equity (%) (TTM) 3.7

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