Financial Results : SIIG’s net profit drops 21% in nine-months 2015

SIIG’s net profit drops 21% in nine-months 2015

19/10/2015 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG), which operates and manages petrochemical and industrial plants in the kingdom, reported a net profit of SAR 672 million for the first nine months of 2015; a 21 percent year-on-year decline the company attributed to lower earnings from its interest in Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips projects.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 5,628.24 5,649.48 0.4 %
Gross Income 1,685.68 1,935.53 14.8 %
Operating Income 1,091.66 1,382.50 26.6 %
Net Income 847.21 671.97 (20.7 %)
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyals) 2.09 1.66 (20.7 %)
EPS (Riyal) 2.09 1.66 (20.7 %)

 

SIIG’s third-quarter net profit plunged 45 percent to SAR 207 million when compared to the same period last year. Lower sales quantity and prices, as well as an increase in a zakat provision were among the other factors impacting results during the period.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 1,952.47 1,911.70 (2.1 %)
Gross Income 668.53 757.82 13.4 %
Operating Income 450.46 589.85 30.9 %
Net Income 376.44 207.12 (45.0 %)
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyal) 0.93 0.51 (45.0 %)
EPS (Riyal) 0.93 0.51 (45.0 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2014 1,965.81 71.8 % 560.99 151.7 % 362.13 347.2 %
Q3 2014 1,952.47 74.7 % 668.53 1824.9 % 450.46 360.5 %
Q4 2014 2,230.28 50.1 % 613.39 65.8 % 401.27 114.5 %
Q1 2015 1,770.75 3.6 % 439.57 (3.6 %) 230.48 (17.4 %)
Q2 2015 1,967.02 0.1 % 738.14 31.6 % 562.17 55.2 %
Q3 2015 1,911.70 (2.1 %) 757.82 13.4 % 589.85 30.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q2 2014 210.04 (8.8 %) 0.52 - 210.04 0.52
Q3 2014 376.44 70.3 % 0.93 - 376.44 0.93
Q4 2014 84.98 (58.1 %) 0.21 - 84.98 0.21
Q1 2015 125.74 (51.8 %) 0.31 - 125.74 0.31
Q2 2015 339.12 61.5 % 0.84 - 339.12 0.84
Q3 2015 207.12 (45.0 %) 0.51 - 207.12 0.51

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q2 2014 405.00 2.21 2.21 15.68
Q3 2014 405.00 2.59 2.59 16.61
Q4 2014 405.00 2.30 2.30 16.82
Q1 2015 405.00 1.97 1.97 17.13
Q2 2015 405.00 2.29 2.29 16.86
Q3 2015 405.00 1.87 1.87 17.37

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q2 2014 28.30 28.30 3.99
Q3 2014 26.66 26.66 4.16
Q4 2014 19.16 19.16 2.62
Q1 2015 20.47 20.47 2.35
Q2 2015 20.36 20.36 2.76
Q3 2015 16.51 16.51 1.78

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 -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 341.80 207.12

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SFC 197.00 207.12
99Hlala Capital 194.00 207.12
SNB Capital 182.00 207.12
Riyad Capital 271.00 207.12
OSOOL AND BAKHEET 865.00 207.12


Financial Ratios
Current
Market Cap (M Riyal) 10,210.19
Enterprise Value (EV) (M Riyal) 9,908.70
Shares Outstanding ((M)) 679.32
EPS ( Riyal) (TTM) 0.08
Book Value (BV) ( Riyal) 13.14
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) More than 100
Price/book 1.14
Return on Average Assets (%) (TTM) 0.6
Return on Average Equity (%) (TTM) 0.6
EV/adj EBITDA -
EV/Revenues -
more

Share Price

Saudi Industrial Investment Group
15.03
(0.26) (1.70 %)

Saudi Industrial Investment Group (SIIG)

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