Financial Results : SIIG posts higher net profit at SAR 261 mln in Q1 of 2014

SIIG posts higher net profit at SAR 261 mln in Q1 of 2014

21/04/2014 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG), a petrochemicals producer, reported SAR 261 mln net profit at the end of the first quarter of 2014, a 335% increase compared to the same quarter last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 689.10 1,709.95 148.1 %
Gross Income 172.39 456.16 164.6 %
Operating Income 59.28 279.07 370.8 %
Net Income 59.89 260.72 335.3 %
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyal) 0.15 0.64 335.3 %
EPS (Riyal) 0.15 0.64 335.3 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 - - - - (1.41) (37.5 %)
Q2 2005 - - - - (1.23) 17.5 %
Q3 2005 891.77 - 351.03 - 329.19 36636.2 %
Q4 2005 266.70 - 60.35 - 54.07 940.4 %
Q1 2006 - - - - (1.28) 9.5 %
Q2 2006 - - - - (2.90) (136.0 %)
Q3 2006 1,178.80 32.2 % 439.97 25.3 % 412.89 25.4 %
Q4 2006 395.13 48.2 % 194.71 222.6 % 140.78 160.4 %
Q1 2007 201.45 - 66.76 - 53.14 4258.1 %
Q2 2007 364.51 - 128.81 - 115.50 4078.7 %
Q3 2007 475.49 (59.7 %) 164.45 (62.6 %) 132.77 (67.8 %)
Q4 2007 417.67 5.7 % 117.25 (39.8 %) 97.86 (30.5 %)
Q1 2008 552.12 174.1 % 161.25 141.5 % 129.72 144.1 %
Q2 2008 600.53 64.8 % 193.51 50.2 % 137.57 19.1 %
Q3 2008 588.95 23.9 % 0.77 (99.5 %) (45.43) (134.2 %)
Q4 2008 397.36 (4.9 %) (202.32) (272.5 %) (232.19) (337.3 %)
Q1 2009 439.56 (20.4 %) (1.12) (100.7 %) (35.39) (127.3 %)
Q2 2009 878.00 46.2 % 134.52 (30.5 %) 106.99 (22.2 %)
Q3 2009 1,203.46 104.3 % 190.80 24583.2 % 147.68 425.1 %
Q4 2009 1,239.39 211.9 % 195.83 196.8 % 146.52 163.1 %
Q1 2010 862.22 96.2 % 216.77 19489.4 % 180.14 609.1 %
Q2 2010 671.56 (23.5 %) 104.72 (22.2 %) 71.22 (33.4 %)
Q3 2010 637.43 (47.0 %) 148.75 (22.0 %) 73.00 (50.6 %)
Q4 2010 1,094.42 (11.7 %) 207.25 5.8 % 176.30 20.3 %
Q1 2011 1,138.73 32.1 % 296.82 36.9 % 254.77 41.4 %
Q2 2011 1,138.03 69.5 % 207.47 98.1 % 161.27 126.4 %
Q3 2011 1,308.36 105.3 % 209.77 41.0 % 158.26 116.8 %
Q4 2011 890.85 (18.6 %) 68.21 (67.1 %) 18.70 (89.4 %)
Q1 2012 - - - - (24.77) (109.7 %)
Q2 2012 - - - - (44.07) (127.3 %)
Q3 2012 - - - - (34.52) (121.8 %)
Q4 2012 857.88 (3.7 %) (478.86) (802.0 %) (590.59) (3258.1 %)
Q1 2013 689.10 - 172.39 - 59.28 339.3 %
Q2 2013 1,144.23 - 222.85 - 80.98 283.7 %
Q3 2013 1,117.37 - (38.76) - (172.93) (400.9 %)
Q4 2013 1,485.97 73.2 % 370.03 177.3 % 187.08 131.7 %
Q1 2014 1,709.95 148.1 % 456.16 164.6 % 279.07 370.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2005 128.60 109.5 % 0.37 - 128.60 0.37
Q2 2005 75.89 (32.7 %) 0.22 - 75.89 0.22
Q3 2005 134.81 (36.8 %) 0.39 - 134.81 0.39
Q4 2005 75.48 (55.7 %) 0.22 - 62.92 0.18
Q1 2006 130.61 1.6 % 0.38 - 130.61 0.38
Q2 2006 123.42 62.6 % 0.36 - 123.42 0.36
Q3 2006 185.81 37.8 % 0.54 - 185.81 0.54
Q4 2006 147.12 94.9 % 0.42 - 147.12 0.42
Q1 2007 67.36 (48.4 %) 0.19 - 67.36 0.19
Q2 2007 124.95 1.2 % 0.36 - 124.95 0.36
Q3 2007 145.45 (21.7 %) 0.42 - 145.45 0.42
Q4 2007 99.62 (32.3 %) 0.29 - 99.62 0.29
Q1 2008 137.44 104.0 % 0.34 - 137.44 0.34
Q2 2008 157.53 26.1 % 0.39 - 157.53 0.39
Q3 2008 (31.73) (121.8 %) (0.08) - (31.73) (0.08)
Q4 2008 (214.49) (315.3 %) (0.53) - (214.49) (0.53)
Q1 2009 (50.49) (136.7 %) (0.12) - (50.49) (0.12)
Q2 2009 73.92 (53.1 %) 0.18 - 73.92 0.18
Q3 2009 136.49 530.2 % 0.34 - 136.49 0.34
Q4 2009 146.08 168.1 % 0.36 - 146.08 0.36
Q1 2010 142.18 381.6 % 0.35 - 142.18 0.35
Q2 2010 28.14 (61.9 %) 0.07 - 28.14 0.07
Q3 2010 45.96 (66.3 %) 0.11 - 45.96 0.11
Q4 2010 188.34 28.9 % 0.47 - 188.34 0.47
Q1 2011 233.63 64.3 % 0.58 - 233.63 0.58
Q2 2011 146.97 422.4 % 0.36 - 146.97 0.36
Q3 2011 143.15 211.5 % 0.35 - 143.15 0.35
Q4 2011 4.76 (97.5 %) 0.01 - 4.76 0.01
Q1 2012 201.10 (13.9 %) 0.50 - 201.10 0.50
Q2 2012 100.85 (31.4 %) 0.25 - 100.85 0.25
Q3 2012 215.68 50.7 % 0.53 - 215.68 0.53
Q4 2012 21.04 341.6 % 0.05 - 21.04 0.05
Q1 2013 59.89 (70.2 %) 0.15 - 59.89 0.15
Q2 2013 230.21 128.3 % 0.57 - 230.21 0.57
Q3 2013 221.03 2.5 % 0.55 - 221.03 0.55
Q4 2013 202.96 864.7 % 0.50 - 202.96 0.50
Q1 2014 260.72 335.3 % 0.64 - 260.72 0.64

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 39.36 % 40.93 % 57.14 %
Q4 2005 35.51 % 39.11 % 34.72 %
Q1 2006 35.51 % 39.12 % 34.89 %
Q2 2006 35.51 % 38.97 % 39.00 %
Q3 2006 34.61 % 37.25 % 34.78 %
Q4 2006 40.32 % 39.28 % 37.29 %
Q1 2007 39.51 % 38.74 % 29.50 %
Q2 2007 38.80 % 38.54 % 24.55 %
Q3 2007 38.61 % 35.55 % 33.75 %
Q4 2007 32.71 % 32.50 % 29.98 %
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 %
2013 16.38 % 21.95 % 16.09 %
Q1 2014 18.51 % 22.04 % 16.76 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2005 346.30 1.80 1.80 5.90
Q2 2005 346.30 1.70 1.70 6.12
Q3 2005 346.30 1.47 1.47 6.51
Q4 2005 346.30 1.20 1.16 6.72
Q1 2006 346.30 1.20 1.17 7.10
Q2 2006 346.30 1.34 1.30 7.45
Q3 2006 346.30 1.49 1.45 7.99
Q4 2006 346.30 1.69 1.69 8.41
Q1 2007 346.30 1.51 1.51 8.61
Q2 2007 346.30 1.52 1.52 8.32
Q3 2007 346.30 1.40 1.40 8.74
Q4 2007 346.30 1.26 1.26 9.03
Q1 2008 405.00 1.25 1.25 13.61
Q2 2008 405.00 1.33 1.33 13.44
Q3 2008 405.00 0.90 0.90 13.36
Q4 2008 405.00 0.12 0.12 12.83
Q1 2009 405.00 (0.34) (0.34) 12.71
Q2 2009 405.00 (0.55) (0.55) 12.89
Q3 2009 405.00 (0.13) (0.13) 13.23
Q4 2009 405.00 0.76 0.76 13.59
Q1 2010 405.00 1.23 1.23 13.94
Q2 2010 405.00 1.12 1.12 13.45
Q3 2010 405.00 0.89 0.89 13.56
Q4 2010 405.00 1.00 1.00 14.03
Q1 2011 405.00 1.22 1.22 14.60
Q2 2011 405.00 1.52 1.52 14.41
Q3 2011 405.00 1.76 1.76 14.76
Q4 2011 405.00 1.30 1.30 14.77
Q1 2012 405.00 1.22 1.22 15.27
Q2 2012 405.00 1.11 1.11 14.40
Q3 2012 405.00 1.29 1.29 14.93
Q4 2012 405.00 1.33 1.33 14.99
Q1 2013 405.00 0.98 0.98 15.13
Q2 2013 405.00 1.30 1.30 14.59
Q3 2013 405.00 1.31 1.31 15.13
Q4 2013 405.00 1.76 1.76 15.63
Q1 2014 405.00 2.26 2.26 16.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2005 62.72 62.72 19.19
Q2 2005 70.38 70.38 19.53
Q3 2005 94.99 94.99 21.48
Q4 2005 More than 100 More than 100 22.07
Q1 2006 More than 100 More than 100 17.82
Q2 2006 69.40 71.33 12.48
Q3 2006 51.18 52.46 9.53
Q4 2006 24.83 24.83 5.00
Q1 2007 26.85 26.85 4.72
Q2 2007 28.91 28.91 5.27
Q3 2007 33.86 33.86 5.43
Q4 2007 63.11 63.11 8.83
Q1 2008 43.23 43.23 3.98
Q2 2008 49.07 49.07 4.87
Q3 2008 46.63 46.63 3.13
Q4 2008 More than 100 More than 100 1.36
Q1 2009 NEG NEG 1.66
Q2 2009 NEG NEG 2.54
Q3 2009 NEG NEG 3.01
Q4 2009 49.90 49.90 2.77
Q1 2010 30.76 30.76 2.72
Q2 2010 26.97 26.97 2.24
Q3 2010 35.65 35.65 2.35
Q4 2010 37.74 37.74 2.69
Q1 2011 32.83 32.83 2.75
Q2 2011 26.32 26.32 2.77
Q3 2011 19.17 19.17 2.28
Q4 2011 25.24 25.24 2.23
Q1 2012 35.03 35.03 2.81
Q2 2012 31.83 31.83 2.46
Q3 2012 30.84 30.84 2.66
Q4 2012 29.52 29.52 2.62
Q1 2013 40.45 40.45 2.62
Q2 2013 34.25 34.25 3.05
Q3 2013 34.56 34.56 3.00
Q4 2013 31.85 31.85 3.59
Q1 2014 26.47 26.47 3.67

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 -


Financial Ratios
Current
Market Cap (M Riyal) 12,778.02
Enterprise Value (EV) (M Riyal) 12,499.03
Shares Outstanding ((M)) 679.32
EPS ( Riyal) (TTM) 0.22
Book Value (BV) ( Riyal) 13.34
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) 86.80
Price/book 1.41
Return on Average Assets (%) (TTM) 1.5
Return on Average Equity (%) (TTM) 1.5
EV/adj EBITDA -
EV/Revenues -
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Share Price

Saudi Industrial Investment Group
18.81
(0.27) (1.42 %)

Saudi Industrial Investment Group (SIIG)

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