SIIG posts 30% profit drop in FY19

28/01/2020 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 606 million for the fiscal year 2019, a fall of 30% year-on-year (YoY), due to a decline in other income and the group’s profit share from joint ventures.

 

SIIG reported a lower profit share from Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP) to SAR 274 million, compared to SAR 312 million a year earlier.

 

SIIG’s profit share from National Petrochemical Company (Petrochem) also decreased in the current period to SAR 337 million.



Financials (M)

Item 2018 2019 Change‬
Revenues 8,930.41 7,655.53 (14.3 %)
Gross Income 2,683.11 1,882.86 (29.8 %)
Operating Income 1,980.59 1,266.64 (36.0 %)
Net Income 864.91 606.27 (29.9 %)
Average Shares 450.00 450.00 -
EPS (Riyals) 1.92 1.35 (29.9 %)

The fourth quarter net profit after Zakat and tax more than doubled YoY to SAR 62.41 million, driven by a decline in SIIG’s loss share from SCP and JCP to SAR 11 million, due to a scheduled shutdown for SCP in Q4 2019.

 

In addition, the quarterly figures were bolstered by lower selling, general and administrative expenses, as well as financing costs.

 

When compared to the previous quarter, net profit tumbled 61.3%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 2,183.25 1,869.64 (14.4 %)
Gross Income 455.16 414.40 (9.0 %)
Operating Income 256.20 253.08 (1.2 %)
Net Income 25.70 62.68 143.9 %
Average Shares 450.00 450.00 -
EPS (Riyals) 0.06 0.14 143.9 %


Financial results (Million)

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

Profitability

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


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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 -
Q4 2017 - - 2,169.13 -
Q1 2018 - - 2,210.53 -

Analysts Estimates (Million)

Item Q4 2019 (e) Q4 2019 (a) Change‬
Average 120.00 62.68 (47.8 %)

Estimates vs Actual (Million)

Item Q4 2019 (e) Q4 2019 (a) Change
SNB Capital 120.00 62.68 (47.8) %

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

Share Price

Saudi Industrial Investment Group (SIIG)


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