SIIG’s profit grows to SAR 606 in 9M 2017

01/11/2017 Argaam Exclusive

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Saudi Industrial Investment Group’s (SIIG) 9M net profit surged to SAR 606 million on the back of an increase in its share of projects that it manages jointly with SCP and JCP, a drop in financing payments to its subsidiary Petrochemical Conversion Co. (PCC), and increase in other income.

SIIG has also stopped recognizing its share of accumulated losses in PCC, in accordance with International Financial Reporting Standards (IFRS), after the accumulated losses exceeded its investment in the company.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	4,903.18	5,194.68	5.9 %
Gross Income	1,557.07	1,475.33	(5.2 %)
Operating Income	1,097.04	1,009.96	(7.9 %)
Net Income	39.27	606.27	1443.9 %
Average Shares	450.00	450.00	-
EPS (Riyals)	0.09	1.35	1443.9 %

The company posted a net profit of SAR 226 million in Q3 compared to a net loss of SAR 141 million in the same quarter last year due to the increase of SIIG’s profit form Petrochem, in addition to the above mentioned reasons. When compared to Q2 2017, net profit more than tripled.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	1,601.00	1,755.30	9.6 %
Gross Income	558.40	552.10	(1.1 %)
Operating Income	398.76	400.42	0.4 %
Net Income	(141.28)	226.47	260.3 %
Average Shares	450.00	450.00	-
EPS (Riyals)	(0.31)	0.50	260.3 %

Item	Q2 2017	Q3 2017	Change‬
Revenues	1,754.11	1,755.30	0.1 %
Gross Income	420.83	552.10	31.2 %
Operating Income	258.09	400.42	55.2 %
Net Income	70.25	226.47	222.4 %
Average Shares	450.00	450.00	-
EPS (Riyals)	0.16	0.50	222.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	82.78	(88.6 %)	0.18

Profitability

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

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2016	26.52 %	30.20 %	5.88 %

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

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2016	450.00	0.18	0.79	13.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2016	More than 100	39.92	2.37
Q1 2017	42.83	24.41	2.46
Q2 2017	52.80	26.78	2.41
Q3 2017	24.07	24.07	2.44

Period	P/E	Adjusted P/E	Price/book
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
2016	More than 100	39.92	2.37

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	-
Q4 2016	-	-	1,163.33	-
Q1 2017	-	-	1,685.27	-
Q2 2017	-	-	1,754.11	-
Q3 2017	-	-	1,755.30	-

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	-
2016	-	-	6,066.51	-

Analysts Estimates (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change‬
Average	209.67	226.47	8.02 %

Estimates vs Actual (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change
Sico	242.00	226.47	(6.4) %
Riyad Capital	208.00	226.47	8.9 %
SNB Capital	179.00	226.47	26.5 %

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 profit grows to SAR 606 in 9M 2017

View other reports

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) 2017 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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SIIG’s profit grows to SAR 606 in 9M 2017

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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 2017

Revenue by Business Segment (Latest) 2017 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)