SIIG’s net profit slides 31% in 9M 2016

20/10/2016 Argaam Exclusive

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Saudi Industrial Investment Group, which produces benzene and styrene, reported a net profit of SAR 466 million for the first nine months of 2016, a 31 percent decline compared to the same period last year on a decline in the company’s profit from jointly managed projects due to lower sales price, and higher feedstock and electricity costs.

Financials (M)

Item	9m 2015	9m 2016	Change‬
Revenues	5,649.48	4,903.18	(13.2 %)
Gross Income	1,935.53	1,557.07	(19.6 %)
Operating Income	1,382.50	1,097.04	(20.6 %)
Net Income	671.97	39.27	(94.2 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	1.49	0.09	(94.2 %)

Third quarter’s net profit of SAR 163 million came 21 percent lower YoY, and 25 percent quarter-on-quarter due to the decrease in SIIG’s income from National Petrochemical Company (Petrochem), which also saw lower profit due to lower selling prices and higher general and admin costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2015	Q3 2016	Change‬
Revenues	1,911.70	1,601.00	(16.3 %)
Gross Income	757.82	558.40	(26.3 %)
Operating Income	589.85	398.76	(32.4 %)
Net Income	207.12	(141.28)	(168.2 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	0.46	(0.31)	(168.2 %)

Item	Q2 2016	Q3 2016	Change‬
Revenues	1,642.22	1,601.00	(2.5 %)
Gross Income	573.53	558.40	(2.6 %)
Operating Income	420.61	398.76	(5.2 %)
Net Income	151.47	(141.28)	(193.3 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	0.34	(0.31)	(193.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	201.45	-	66.76	-	67.36	(48.4 %)	0.18
Q2 2007	364.51	-	128.81	-	124.95	1.2 %	0.32
Q3 2007	475.49	(59.7 %)	164.45	(62.6 %)	145.45	(21.7 %)	0.38
Q4 2007	417.67	5.7 %	117.25	(39.8 %)	99.62	(32.3 %)	0.26
2007	1,459.12	(7.3 %)	477.28	(24.8 %)	437.38	(25.5 %)	1.14
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)
2008	2,138.96	46.6 %	153.22	(67.9 %)	48.75	(88.9 %)	0.11
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
2009	3,760.41	75.8 %	520.04	239.4 %	306.01	527.7 %	0.68
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
2010	3,265.63	(13.2 %)	644.01	23.8 %	404.61	32.2 %	0.90
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
2011	4,475.97	37.1 %	782.27	21.5 %	528.52	30.6 %	1.17
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
2012	857.88	(80.8 %)	(478.86)	(161.2 %)	538.67	1.9 %	1.20
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)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	1,573.93	35.9 %	634.69	54.3 %	586.95	41.5 %	1.53
2007	1,459.12	(7.3 %)	477.28	(24.8 %)	437.38	(25.5 %)	1.14
2008	2,138.96	46.6 %	153.22	(67.9 %)	48.75	(88.9 %)	0.11
2009	3,760.41	75.8 %	520.04	239.4 %	306.01	527.7 %	0.68
2010	3,265.63	(13.2 %)	644.01	23.8 %	404.61	32.2 %	0.90
2011	4,475.97	37.1 %	782.27	21.5 %	528.52	30.6 %	1.17
2012	857.88	(80.8 %)	(478.86)	(161.2 %)	538.67	1.9 %	1.20
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
2010	19.72 %	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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	40.32 %	39.28 %	37.29 %
2007	32.71 %	32.50 %	29.98 %
2008	7.16 %	7.85 %	2.28 %
2009	13.83 %	15.45 %	8.14 %
2010	19.72 %	21.46 %	12.39 %
2011	17.48 %	18.10 %	11.81 %
2012	(55.82 %)	(57.34 %)	62.79 %
2013	16.38 %	21.95 %	16.09 %
2014	29.26 %	29.50 %	11.88 %
2015	33.98 %	35.22 %	9.96 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	33.14 %	33.87 %	33.44 %
Q2 2007	35.34 %	36.80 %	34.28 %
Q3 2007	34.59 %	31.38 %	30.59 %
Q4 2007	28.07 %	29.37 %	23.85 %
Q1 2008	29.21 %	27.32 %	24.89 %
Q2 2008	32.22 %	30.38 %	26.23 %
Q3 2008	0.13 %	1.90 %	(5.39 %)
Q4 2008	(50.92 %)	(44.43 %)	(53.98 %)
Q1 2009	(0.25 %)	2.30 %	(11.49 %)
Q2 2009	15.32 %	17.93 %	8.42 %
Q3 2009	15.85 %	16.89 %	11.34 %
Q4 2009	15.80 %	16.97 %	11.79 %
Q1 2010	25.14 %	26.73 %	16.49 %
Q2 2010	15.59 %	21.11 %	4.19 %
Q3 2010	23.34 %	16.54 %	7.21 %
Q4 2010	18.94 %	20.37 %	17.21 %
Q1 2011	26.07 %	27.31 %	20.52 %
Q2 2011	18.23 %	21.44 %	12.91 %
Q3 2011	16.03 %	12.93 %	10.94 %
Q4 2011	7.66 %	9.65 %	0.53 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	(55.82 %)	(45.40 %)	2.45 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	384.78	1.36	1.36	7.74
Q2 2007	384.78	1.37	1.37	7.49
Q3 2007	384.78	1.26	1.26	7.86
Q4 2007	384.78	1.14	1.14	8.12
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	384.78	1.53	1.53	7.57
2007	384.78	1.14	1.14	8.12
2008	450.00	0.11	0.11	11.55
2009	450.00	0.68	0.68	12.23
2010	450.00	0.90	0.90	12.62
2011	450.00	1.17	1.17	13.30
2012	450.00	1.20	1.20	13.49
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	28.87	28.87	5.07
Q2 2007	31.08	31.08	5.66
Q3 2007	36.41	36.41	5.83
Q4 2007	67.86	67.86	9.50
Q1 2008	46.48	46.48	4.28
Q2 2008	52.76	52.76	5.23
Q3 2008	50.13	50.13	3.36
Q4 2008	More than 100	More than 100	1.46
Q1 2009	NEG	NEG	1.79
Q2 2009	NEG	NEG	2.73
Q3 2009	NEG	NEG	3.24
Q4 2009	53.65	53.65	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 100	26.17	1.61

Period	P/E	Adjusted P/E	Price/book
2006	26.70	26.70	5.38
2007	67.86	67.86	9.50
2008	More than 100	More than 100	1.46
2009	53.65	53.65	2.98
2010	40.57	40.57	2.89
2011	27.13	27.13	2.40
2012	31.74	31.74	2.82
2013	34.25	34.25	3.86
2014	20.57	20.57	2.82
2015	14.34	14.34	1.47

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	-

Period	Saudi Chevron Phillips Company	Jubail Chevron Phillips	Petrochem	Consolidation adjustments & eliminations
2009	3,859.73	3,661.09	-	(3760.41)
2010	5,090.35	4,813.41	-	(6638.14)
2011	7,079.10	7,033.61	-	(9636.74)
2012	-	-	857.88	-
2013	-	-	4,436.68	-
2014	-	-	7,858.52	-
2015	-	-	7,304.17	-

Analysts Estimates (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change‬
Average	211.38	(141.28)	(166.8 %)

Estimates vs Actual (Million)

Item	Q3 2016 (e)	Q3 2016 (a)	Change
OSOOL AND BAKHEET	229.50	(141.28)	(161.6) %
Sico	210.00	(141.28)	(167.3) %
SNB Capital	204.00	(141.28)	(169.3) %
Riyad Capital	202.00	(141.28)	(169.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	15,563.98
Enterprise Value (EV) (M)	15,001.41
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)	40.83
P/E (TTM)	40.83
Price/book	1.55
Return on Average Assets (%) (TTM)	3.6
Return on Average Equity (%) (TTM)	3.7

Saudi Industrial Investment Group (SIIG)

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SIIG’s net profit slides 31% in 9M 2016

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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) 2016 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Saudi Industrial Investment Group (SIIG)

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SIIG’s net profit slides 31% in 9M 2016

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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) Q3 2016

Revenue by Business Segment (Latest) 2016 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Industrial Investment Group (SIIG)

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Business Segments (Million)