Financial Results : SIIG posts 11% profit decline in Q1 2019

SIIG posts 11% profit decline in Q1 2019

24/04/2019 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after zakat and tax of SAR 178 million for the first quarter of 2019, a 10.55 percent year-on-year (YoY) decline on lower profit share from Petrochem.

When compared to the previous quarter, Q1 net profit increased by more than six-fold, as the company generated SAR 91 million in profit from its JVs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Revenues 2,210.53 2,020.11 (8.6 %)
Gross Income 763.14 517.41 (32.2 %)
Operating Income 602.55 363.05 (39.7 %)
Net Income 199.04 178.21 (10.5 %)
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyals) 0.49 0.44 (10.5 %)
EPS (Riyals) 0.49 0.44 (10.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q4 2015 55.08 (35.2 %) 0.14 - 55.08 0.14
Q1 2016 29.08 (76.9 %) 0.07 - 29.08 0.07
Q2 2016 151.47 (55.3 %) 0.37 - 151.47 0.37
Q3 2016 (141.28) (168.2 %) (0.35) (274.00) 132.72 0.33
Q4 2016 43.51 (21.0 %) 0.11 - 43.51 0.11
Q1 2017 309.54 964.6 % 0.76 - 309.54 0.76
Q2 2017 70.25 (53.6 %) 0.17 - 70.25 0.17
Q3 2017 226.47 260.3 % 0.56 - 226.47 0.56
Q4 2017 397.79 814.2 % 0.98 93.96 303.83 0.75
Q1 2018 199.04 (35.7 %) 0.49 - 199.04 0.49
Q2 2018 321.40 357.5 % 0.79 - 321.40 0.79
Q3 2018 318.77 40.8 % 0.79 - 318.77 0.79
Q4 2018 25.70 (93.5 %) 0.06 186.79 (161.09) (0.40)
Q1 2019 178.21 (10.5 %) 0.44 - 178.21 0.44


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2015 1,654.69 (25.8 %) 546.25 (10.9 %) 367.78 (8.3 %)
Q1 2016 1,659.96 (6.3 %) 425.14 (3.3 %) 277.67 20.5 %
Q2 2016 1,642.22 (16.5 %) 573.53 (22.3 %) 420.61 (25.2 %)
Q3 2016 1,601.00 (16.3 %) 558.40 (26.3 %) 398.76 (32.4 %)
Q4 2016 1,163.33 (29.7 %) 51.92 (90.5 %) (96.12) (126.1 %)
Q1 2017 1,685.27 1.5 % 502.40 18.2 % 351.46 26.6 %
Q2 2017 1,754.11 6.8 % 420.83 (26.6 %) 258.09 (38.6 %)
Q3 2017 1,755.30 9.6 % 552.10 (1.1 %) 400.42 0.4 %
Q4 2017 2,169.13 86.5 % 788.19 1418.0 % 590.91 714.8 %
Q1 2018 2,210.53 31.2 % 763.14 51.9 % 602.55 71.4 %
Q2 2018 2,239.39 27.7 % 722.34 71.6 % 549.71 113.0 %
Q3 2018 2,297.25 30.9 % 742.47 34.5 % 572.13 42.9 %
Q4 2018 2,183.25 0.7 % 455.16 (42.3 %) 256.20 (56.6 %)
Q1 2019 2,020.11 (8.6 %) 517.41 (32.2 %) 363.05 (39.7 %)

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 %
2018 30.04 % 34.67 % 7.59 %
Q1 2019 27.89 % 32.62 % 7.52 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2015 405.00 1.80 1.80 17.50
Q1 2016 405.00 1.56 1.56 14.74
Q2 2016 405.00 1.09 1.09 15.11
Q3 2016 405.00 0.23 0.91 14.76
Q4 2016 405.00 0.20 0.88 14.86
Q1 2017 405.00 0.90 1.57 15.62
Q2 2017 405.00 0.70 1.37 15.24
Q3 2017 405.00 1.60 1.60 15.80
Q4 2017 405.00 2.48 2.25 16.21
Q1 2018 405.00 2.21 1.97 16.70
Q2 2018 405.00 2.83 2.59 16.94
Q3 2018 405.00 3.05 2.82 17.72
Q4 2018 405.00 2.14 1.67 17.03
Q1 2019 405.00 2.08 1.62 17.47

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 29.77 29.77 2.63
Q2 2010 26.10 26.10 2.17
Q3 2010 34.50 34.50 2.28
Q4 2010 36.52 36.52 2.60
Q1 2011 31.77 31.77 2.66
Q2 2011 25.46 25.46 2.68
Q3 2011 18.55 18.55 2.21
Q4 2011 24.42 24.42 2.16
Q1 2012 33.90 33.90 2.72
Q2 2012 30.80 30.80 2.38
Q3 2012 29.84 29.84 2.58
Q4 2012 28.56 28.56 2.54
Q1 2013 39.14 39.14 2.54
Q2 2013 33.14 33.14 2.96
Q3 2013 33.45 33.45 2.90
Q4 2013 30.82 30.82 3.48
Q1 2014 25.62 25.62 3.55
Q2 2014 27.39 27.39 3.86
Q3 2014 25.80 25.80 4.03
Q4 2014 18.54 18.54 2.54
Q1 2015 19.81 19.81 2.28
Q2 2015 19.71 19.71 2.67
Q3 2015 15.97 15.97 1.72
Q4 2015 12.90 12.90 1.32
Q1 2016 13.17 13.17 1.39
Q2 2016 20.67 20.67 1.50
Q3 2016 91.95 23.55 1.45
Q4 2016 More than 100 35.93 2.13
Q1 2017 38.54 21.97 2.21
Q2 2017 47.52 24.10 2.17
Q3 2017 21.66 21.66 2.20
Q4 2017 12.96 14.30 1.98
Q1 2018 17.22 19.24 2.28
Q2 2018 17.36 18.91 2.90
Q3 2018 15.02 16.25 2.59
Q4 2018 17.97 22.92 2.25
Q1 2019 19.80 25.42 2.36

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 Profit (Expected) Profit (Actual) Change‬
Average 181.00 178.21 (1.5 %) 178.21 (1.5 %)

Estimates vs Actual (Million)

Item Q1 2019 (e) Q1 2019 (net income) Change Profit (Expected) Profit (Actual) Change‬
SNB Capital 117.00 178.21 34.3 %
Sico 245.00 178.21 (37.5) %


Financial Ratios
Current
Market Cap (M Riyal) 11,793.01
Enterprise Value (EV) (M) 10,807.31
Shares Outstanding ((M)) 679.32
EPS ( Riyal) (TTM) 0.28
Book Value (BV) ( Riyal) 14.50
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 61.44
Price/book 1.20
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 1.9
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Share Price

Saudi Industrial Investment Group
17.36
1.14 7.03 %

Saudi Industrial Investment Group (SIIG)

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