SIIG net profit slumps 76% to SAR 277 mln in 2022; Q4 turns loss of SAR 296 mln

01/02/2023 Argaam Exclusive

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Share Price

Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 277 million for 2022, down 76% from SAR 1.13 billion in 2021.

Financials (M)

Item	2021	2022	Change‬
Operating Income	(69.11)	(71.97)	(4.1 %)
Net Income	1,136.27	277.44	(75.6 %)
Average Shares	450.00	678.60	50.8 %
EPS (Riyals)	2.53	0.41	(83.8 %)

SIIG said the profit decline came as its share of profit in the jointly managed projects decreased in 2022, due to lower profit margins because of higher feedstock costs and lower selling prices. In addition, the firm noted the scheduled turnaround maintenance for Saudi Polymer Co. during the current period.

Meanwhile, Zakat expenses rose YoY as the company had reversed Zakat provisions in 2021.

SIIG turned to net loss after Zakat and tax of SAR 296 million in Q4 2022, from a profit of SAR 121.65 million in Q4 2021, as the company’s jointly managed projects incurred losses in Q4 2022 due to lower selling prices and the scheduled maintenance for Saudi Polymer.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Operating Income	(27.66)	(19.47)	29.6 %
Net Income	121.65	(296.44)	(343.7 %)
Average Shares	450.00	678.60	50.8 %
EPS (Riyals)	0.27	(0.44)	(261.6 %)

Item	Q3 2022	Q4 2022	Change‬
Operating Income	(7.19)	(19.47)	(170.7 %)
Net Income	54.80	(296.44)	(640.9 %)
Average Shares	678.60	678.60	-
EPS (Riyals)	0.08	(0.44)	(640.9 %)

The firm posted a net profit of SAR 55 million in Q3 2021.

Total shareholders’ equity, after deducting minority equity, increased by 45.84% year-on-year to SAR 10.68 billion by the end of 2022.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2013	4,436.68	417.2 %	726.52	251.7 %	714.08	32.6 %	1.59
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
2014	7,858.52	77.1 %	2,299.06	216.5 %	933.33	30.7 %	2.07
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
2015	7,304.17	(7.1 %)	2,481.77	7.9 %	727.14	(22.1 %)	1.62
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
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	82.78	(88.6 %)	0.18
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
Q1 2018	2,210.53	31.2 %	763.14	51.9 %	199.04	(35.7 %)	0.44
Q2 2018	2,239.39	27.7 %	722.34	71.6 %	321.40	357.5 %	0.71
Q3 2018	2,297.25	30.9 %	742.47	34.5 %	318.77	40.8 %	0.71
Q4 2018	2,183.25	0.7 %	455.16	(42.3 %)	25.70	(93.5 %)	0.06
2018	8,930.41	21.3 %	2,683.11	18.5 %	864.91	(13.9 %)	1.92
Q1 2019	2,020.11	(8.6 %)	517.41	(32.2 %)	178.21	(10.5 %)	0.40
Q2 2019	1,650.76	(26.3 %)	459.89	(36.3 %)	205.11	(36.2 %)	0.46
Q3 2019	1,957.97	(14.8 %)	491.15	(33.8 %)	160.27	(49.7 %)	0.36
Q4 2019	1,869.64	(14.4 %)	414.40	(9.0 %)	62.68	143.9 %	0.14
2019	7,655.53	(14.3 %)	1,882.86	(29.8 %)	606.27	(29.9 %)	1.35
Q1 2020	1,572.92	(22.1 %)	246.83	(52.3 %)	(173.91)	(197.6 %)	(0.39)
Q2 2020	1,345.88	(18.5 %)	(121.69)	(126.5 %)	(54.94)	(126.8 %)	(0.12)
Q3 2020	-	-	-	-	85.48	(46.7 %)	0.19
Q4 2020	-	-	-	-	235.02	274.9 %	0.52
2020	-	-	-	-	91.65	(84.9 %)	0.20
Q1 2021	-	-	-	-	305.41	275.6 %	0.68
Q2 2021	-	-	-	-	505.26	1019.7 %	1.12
Q3 2021	-	-	-	-	203.95	138.6 %	0.45
Q4 2021	-	-	-	-	121.65	(48.2 %)	0.27
2021	-	-	-	-	1,136.27	1139.9 %	2.53
Q1 2022	-	-	-	-	234.88	(23.1 %)	0.35
Q2 2022	-	-	-	-	284.20	(43.8 %)	0.42
Q3 2022	-	-	-	-	54.80	(73.1 %)	0.08
Q4 2022	-	-	-	-	(296.44)	(343.7 %)	(0.44)
2022	-	-	-	-	277.44	(75.6 %)	0.41

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	4,436.68	417.2 %	726.52	251.7 %	714.08	32.6 %	1.59
2014	7,858.52	77.1 %	2,299.06	216.5 %	933.33	30.7 %	2.07
2015	7,304.17	(7.1 %)	2,481.77	7.9 %	727.14	(22.1 %)	1.62
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	82.78	(88.6 %)	0.18
2017	7,363.81	21.4 %	2,263.52	40.7 %	1,004.06	1112.9 %	2.23
2018	8,930.41	21.3 %	2,683.11	18.5 %	864.91	(13.9 %)	1.92
2019	7,655.53	(14.3 %)	1,882.86	(29.8 %)	606.27	(29.9 %)	1.35
2020	-	-	-	-	91.65	(84.9 %)	0.20
2021	-	-	-	-	1,136.27	1139.9 %	2.53
2022	-	-	-	-	277.44	(75.6 %)	0.41

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
2014	29.26 %	29.50 %	11.88 %
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 %
2015	33.98 %	35.22 %	9.96 %
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 %
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 %
Q1 2018	32.00 %	34.94 %	10.14 %
Q2 2018	33.74 %	36.30 %	12.55 %
Q3 2018	33.83 %	35.90 %	12.82 %
Q4 2018	30.04 %	34.67 %	7.59 %
2018	30.04 %	34.67 %	7.59 %
Q1 2019	27.89 %	32.62 %	7.52 %
Q2 2019	26.68 %	32.17 %	6.64 %
Q3 2019	24.62 %	30.40 %	4.90 %
Q4 2019	25.11 %	34.52 %	7.93 %
2019	24.59 %	28.13 %	7.77 %
Q1 2020	22.87 %	33.28 %	3.44 %
Q2 2020	15.28 %	26.35 %	1.62 %
Q3 2020	11.27 %	-	0.72 %
Q4 2020	4.29 %	-	7.49 %
2020	-	-	-
Q1 2021	(9.04 %)	-	51.86 %
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	16.38 %	21.95 %	16.09 %
2014	29.26 %	29.50 %	11.88 %
2015	33.98 %	35.22 %	9.96 %
2016	26.52 %	30.20 %	5.88 %
2017	30.74 %	34.15 %	12.36 %
2018	30.04 %	34.67 %	7.59 %
2019	24.59 %	28.13 %	7.77 %
2020	-	-	-
2021	-	-	-
2022	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	25.02 %	37.29 %	8.69 %
Q2 2013	19.48 %	26.60 %	20.12 %
Q3 2013	(3.47 %)	2.77 %	19.78 %
Q4 2013	24.90 %	25.68 %	13.66 %
Q1 2014	26.68 %	28.43 %	15.25 %
Q2 2014	28.54 %	28.92 %	10.68 %
Q3 2014	34.24 %	32.93 %	19.28 %
Q4 2014	27.50 %	27.86 %	3.81 %
Q1 2015	24.82 %	24.66 %	7.10 %
Q2 2015	37.53 %	38.99 %	17.24 %
Q3 2015	39.64 %	41.67 %	10.83 %
Q4 2015	33.01 %	34.58 %	3.33 %
Q1 2016	25.61 %	29.01 %	1.75 %
Q2 2016	34.92 %	37.61 %	9.22 %
Q3 2016	34.88 %	37.45 %	8.29 %
Q4 2016	4.46 %	11.45 %	3.74 %
Q1 2017	29.81 %	34.63 %	18.37 %
Q2 2017	23.99 %	27.69 %	4.00 %
Q3 2017	31.45 %	35.91 %	12.90 %
Q4 2017	36.34 %	37.57 %	14.01 %
Q1 2018	34.52 %	37.34 %	9.00 %
Q2 2018	32.26 %	34.35 %	14.35 %
Q3 2018	32.32 %	34.45 %	13.88 %
Q4 2018	20.85 %	32.54 %	(7.38 %)
Q1 2019	25.61 %	28.71 %	8.82 %
Q2 2019	27.86 %	32.76 %	12.43 %
Q3 2019	25.08 %	27.77 %	8.19 %
Q4 2019	22.16 %	49.41 %	2.72 %
Q1 2020	15.69 %	21.51 %	(11.06 %)
Q2 2020	(9.04 %)	(2.09 %)	5.35 %
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2018	450.00	1.99	1.78	15.03
Q2 2018	450.00	2.54	2.33	15.24
Q3 2018	450.00	2.75	2.54	15.95
Q4 2018	450.00	1.92	1.51	15.33
Q1 2019	450.00	1.88	1.46	15.73
Q2 2019	450.00	1.62	1.20	15.43
Q3 2019	450.00	1.27	0.85	15.79
Q4 2019	450.00	1.35	1.32	15.10
Q1 2020	450.00	0.56	0.54	14.71
Q2 2020	450.00	(0.01)	0.24	14.09
Q3 2020	450.00	(0.18)	0.08	14.28
Q4 2020	450.00	0.20	0.49	14.25
Q1 2021	450.00	1.27	1.55	14.93
Q2 2021	450.00	2.51	2.51	15.55
Q3 2021	450.00	2.78	2.78	16.00
Q4 2021	450.00	2.53	2.53	16.29
Q1 2022	678.60	1.57	1.57	16.81
Q2 2022	678.60	1.24	1.24	15.10
Q3 2022	678.60	1.02	1.02	15.30
Q4 2022	678.60	0.41	0.41	14.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	450.00	1.59	1.59	14.07
2014	450.00	2.07	2.07	15.14
2015	450.00	1.62	1.62	15.75
2016	450.00	0.18	0.79	13.37
2017	450.00	2.23	2.02	14.59
2018	450.00	1.92	1.51	15.33
2019	450.00	1.35	1.32	15.10
2020	450.00	0.20	0.49	14.25
2021	450.00	2.53	2.53	16.29
2022	678.60	0.41	0.41	14.16

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2018	19.13	21.38	2.53
Q2 2018	19.29	21.01	3.22
Q3 2018	16.69	18.06	2.88
Q4 2018	19.97	25.47	2.50
Q1 2019	22.00	28.25	2.62
Q2 2019	25.89	34.82	2.71
Q3 2019	30.60	45.54	2.45
Q4 2019	29.88	30.47	2.67
Q1 2020	46.87	49.14	1.80
Q2 2020	NEG	More than 50	2.40
Q3 2020	NEG	More than 50	2.73
Q4 2020	More than 50	More than 50	3.23
Q1 2021	42.96	35.15	3.65
Q2 2021	23.35	23.35	3.78
Q3 2021	24.64	24.64	4.28
Q4 2021	20.69	20.69	3.21
Q1 2022	24.79	24.79	3.49
Q2 2022	25.47	25.47	1.89
Q3 2022	24.81	24.81	1.49
Q4 2022	More than 50	More than 50	1.55

Period	P/E	Adjusted P/E	Price/book
2013	34.25	34.25	3.86
2014	20.57	20.57	2.82
2015	14.34	14.34	1.47
2016	More than 50	39.92	2.37
2017	14.40	15.89	2.20
2018	19.97	25.47	2.50
2019	29.88	30.47	2.67
2020	More than 50	More than 50	3.23
2021	17.35	17.35	3.21
2022	More than 50	More than 50	1.55

Business Segments (Million)

Compared With The

Period	Saudi Chevron Phillips Company	Jubail Chevron Phillips	Petrochem	Consolidation adjustments & eliminations
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	-
Q1 2018	-	-	2,210.53	-

Period	Saudi Chevron Phillips Company	Jubail Chevron Phillips	Petrochem	Consolidation adjustments & eliminations
2012	-	-	857.88	-
2013	-	-	4,436.68	-
2014	-	-	7,858.52	-
2015	-	-	7,304.17	-
2016	-	-	6,066.51	-
2017	-	-	7,363.81	-

Analysts Estimates (Million)

Item	Q4 2022 (e)	Q4 2022 (a)	Change‬
Average	60.97	(296.44)	(586.2 %)

Estimates vs Actual (Million)

Item	Q4 2022 (e)	Q4 2022 (a)	Change
U-Capital	108.80	(296.44)	(372.5) %
SNB Capital	69.00	(296.44)	(529.6) %
Riyad Capital	51.00	(296.44)	(681.2) %
Goldman Sachs	15.10	(296.44)	(2063.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	16,967.90
Enterprise Value (EV) (M)	16,405.34
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)	44.51
P/E (TTM)	44.51
Price/book	1.69
Return on Average Assets (%) (TTM)	3.6
Return on Average Equity (%) (TTM)	3.7

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SIIG net profit slumps 76% to SAR 277 mln in 2022; Q4 turns loss of SAR 296 mln

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Share Price

Saudi Industrial Investment Group (SIIG)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q4

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Analysts Estimates (Million)

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SIIG net profit slumps 76% to SAR 277 mln in 2022; Q4 turns loss of SAR 296 mln

View other reports

Share Price

Saudi Industrial Investment Group (SIIG)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2018

Revenue by Business Segment (Latest) 2022 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)