SIIG placed under review, Q2 beats estimates: Riyad Cap

Saudi Industrial Investment Group (SIIG) posted a net income of SAR 321 million in Q2 2018, a surge of 359 percent year-on-year (YoY) and 61 percent quarter-on-quarter (QoQ), beating Riyad Capital’s forecast of SAR 276 million.

“We are placing the stock Under Review and withdrawing our target price,” Riyad Capital said in an earnings review.

SIIG’s bottom line improved as operation levels were restored to normal, after Saudi Chevron Phillips and Jubail Chevron Phillips underwent scheduled maintenance last quarter and last year.

Moreover, profit share in Petrochem increased to SAR 136 million from SAR 66 million last year but decreased from SAR 167 million last quarter.

Revenue came in at SAR 2.24 billion, an increase of 28 percent YoY and 1.3 percent QoQ, driven by higher quantities sold as well as a rise in average product prices for Petrochem.