Financial Results : SIIG reports SAR 1.136 bln net profit in 2021

SIIG reports SAR 1.136 bln net profit in 2021

27/01/2022 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 1.136 billion for 2021, compared to SAR 92 million in a year earlier period.

 

The company’s profit share from the jointly-managed projects increased on higher selling prices.



Financials (M)

Item 2020 2021 Change‬
Operating Income (52.30) (69.11) (32.1 %)
Net Income 91.65 1,136.27 1139.9 %
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyals) 0.54 2.81 419.7 %
EPS (Riyal) 0.23 2.81 1139.9 %

Q4 2021 net profit after Zakat and tax dropped 48.1% year-on-year (YoY) to SAR 122 million, as SIIG’s profit share from the jointly managed projects decreased, due to an increase in the feedstock costs. The company also cited higher Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Operating Income (24.32) (27.66) (13.8 %)
Net Income 235.02 121.65 (48.2 %)
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyal) 0.58 0.30 (48.2 %)
EPS (Riyal) 0.58 0.30 (48.2 %)

On a sequential basis, Q4 earnings fell 40.2%.

 

Total shareholders’ equity, excluding minority rights, increased by 14.3% YoY to SAR 7.33 billion for 2021.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2019 1,650.76 (26.3 %) 459.89 (36.3 %) 323.07 (41.2 %)
Q3 2019 1,957.97 (14.8 %) 491.15 (33.8 %) 327.45 (42.8 %)
Q4 2019 1,869.64 (14.4 %) 414.40 (9.0 %) 253.08 (1.2 %)
Q1 2020 1,572.92 (22.1 %) 246.83 (52.3 %) 116.74 (67.8 %)
Q2 2020 1,345.88 (18.5 %) (121.69) (126.5 %) (249.79) (177.3 %)
Q3 2020 - - - - (6.96) (102.1 %)
Q4 2020 - - - - (24.32) (109.6 %)
Q1 2021 - - - - (9.72) (108.3 %)
Q2 2021 - - - - (18.78) 92.5 %
Q3 2021 - - - - (12.95) (86.1 %)
Q4 2021 - - - - (27.66) (13.8 %)
2021 - - - - (69.11) (32.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q2 2019 205.11 (36.2 %) 0.51 - 205.11 0.51
Q3 2019 160.27 (49.7 %) 0.40 - 160.27 0.40
Q4 2019 62.68 143.9 % 0.15 11.77 50.91 0.13
Q1 2020 (173.91) (197.6 %) (0.43) - (173.91) (0.43)
Q2 2020 (54.94) (126.8 %) (0.14) (127.00) 72.07 0.18
Q3 2020 85.48 (46.7 %) 0.21 - 85.48 0.21
Q4 2020 235.02 274.9 % 0.58 - 235.02 0.58
Q1 2021 305.41 275.6 % 0.75 - 305.41 0.75
Q2 2021 505.26 1019.7 % 1.25 - 505.26 1.25
Q3 2021 203.95 138.6 % 0.50 - 203.95 0.50
Q4 2021 121.65 (48.2 %) 0.30 - 121.65 0.30
2021 1,136.27 1139.9 % 2.81 - 1,136.27 2.81

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2020 22.87 % 33.28 % 3.44 %
Q2 2020 15.28 % 26.35 % 1.62 %
Q3 2020 11.27 % - 0.72 %
Q4 2020 4.29 % - 7.49 %
2020 - - -
Q1 2021 (9.04 %) - 51.86 %
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
2021 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q2 2019 405.00 1.80 1.34 17.15
Q3 2019 405.00 1.41 0.94 17.54
Q4 2019 405.00 1.50 1.47 16.78
Q1 2020 405.00 0.63 0.60 16.35
Q2 2020 405.00 (0.01) 0.27 15.65
Q3 2020 405.00 (0.20) 0.09 15.87
Q4 2020 405.00 0.23 0.54 15.83
Q1 2021 405.00 1.41 1.72 16.59
Q2 2021 405.00 2.79 2.79 17.28
Q3 2021 405.00 3.09 3.09 17.78
Q4 2021 405.00 2.81 2.81 18.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q4 2015 13.33 13.33 1.37
Q1 2016 13.61 13.61 1.44
Q2 2016 21.36 21.36 1.55
Q3 2016 95.02 24.34 1.50
Q4 2016 More than 100 37.13 2.20
Q1 2017 39.83 22.70 2.29
Q2 2017 49.11 24.91 2.24
Q3 2017 22.39 22.39 2.27
Q4 2017 13.40 14.78 2.05
Q1 2018 17.79 19.89 2.35
Q2 2018 17.94 19.54 2.99
Q3 2018 15.52 16.80 2.67
Q4 2018 18.57 23.69 2.33
Q1 2019 20.46 26.27 2.44
Q2 2019 24.08 32.39 2.52
Q3 2019 28.46 42.36 2.28
Q4 2019 27.79 28.34 2.48
Q1 2020 43.59 45.70 1.67
Q2 2020 NEG More than 100 2.24
Q3 2020 NEG More than 100 2.54
Q4 2020 More than 100 87.97 3.00
Q1 2021 39.96 32.69 3.40
Q2 2021 21.72 21.72 3.51
Q3 2021 22.92 22.92 3.98
Q4 2021 21.38 21.38 2.98

Business Segments (Million)

Compared With The
Period Saudi Chevron Phillips Company Jubail Chevron Phillips Petrochem Consolidation adjustments & eliminations
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 246.00 121.65

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 246.00 121.65


Financial Ratios
Current
Market Cap (M Riyal) 12,778.02
Enterprise Value (EV) (M Riyal) 12,499.03
Shares Outstanding ((M)) 679.32
EPS ( Riyal) (TTM) 0.22
Book Value (BV) ( Riyal) 13.34
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) 86.80
Price/book 1.41
Return on Average Assets (%) (TTM) 1.5
Return on Average Equity (%) (TTM) 1.5
EV/adj EBITDA -
EV/Revenues -
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Share Price

Saudi Industrial Investment Group
18.81
(0.27) (1.42 %)

Saudi Industrial Investment Group (SIIG)

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