Financial Results : SIIG turns to net profit of SAR 305 mln in Q1 2021

SIIG turns to net profit of SAR 305 mln in Q1 2021

29/04/2021 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) turned to a net profit after Zakat and tax of SAR 305 million for the first quarter of 2021, compared to a net loss of SAR 174 million from the same period last year.

The company attributed the earnings to lower general and administrative expenses and net finance costs.

 

SIIG’s jointly managed projects made a profit of SAR 161 million in Q1 2021, compared to a loss of SAR 189 million for the same quarter last year, due to an increase in products prices.

 

Additionally, the company’s share of profit from National Petrochemical Co. (Petrochem) increased in Q1 2021 to SAR 156 million compared to SAR 24 million for the same quarter of the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 1,572.92 0.00 -
Gross Income 246.83 0.00 -
Operating Income 116.74 (9.72) (108.3 %)
Net Income (173.91) 305.41 275.6 %
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyal) (0.43) 0.75 275.6 %
EPS (Riyal) (0.43) 0.75 275.6 %

When compared to the previous quarter, SIIG reported a 29.7% rise in net after Zakat and tax on higher profit share in Petrochem.



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


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 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 14.55 % 14.86 %
Q2 2012 12.64 % 20.46 %
Q3 2012 7.66 % 58.64 %
Q4 2012 (55.82 %) 62.79 %
Q1 2013 (19.81 %) 25.69 %
Q2 2013 (3.11 %) 19.58 %
Q3 2013 (3.21 %) 13.97 %
Q4 2013 16.38 % 16.09 %
Q1 2014 18.51 % 16.76 %
Q2 2014 21.47 % 14.25 %
Q3 2014 28.90 % 14.76 %
Q4 2014 29.26 % 11.86 %
Q1 2015 28.82 % 10.07 %
Q2 2015 31.05 % 11.69 %
Q3 2015 32.35 % 9.61 %
Q4 2015 33.98 % 9.95 %
Q1 2016 34.30 % 8.76 %
Q2 2016 33.53 % 6.45 %
Q3 2016 32.07 % 5.62 %
Q4 2016 26.52 % 5.88 %
Q1 2017 27.68 % 10.46 %
Q2 2017 24.72 % 8.96 %
Q3 2017 24.02 % 10.22 %
Q4 2017 30.74 % 12.36 %
Q1 2018 32.00 % 10.14 %
Q2 2018 33.74 % 12.55 %
Q3 2018 33.83 % 12.82 %
Q4 2018 30.04 % 7.59 %
Q1 2019 27.89 % 7.52 %
Q2 2019 26.68 % 6.64 %
Q3 2019 24.62 % 4.90 %
Q4 2019 25.11 % 7.93 %
Q1 2020 22.87 % 3.44 %
Q2 2020 15.28 % 1.62 %
Q3 2020 11.27 % 0.72 %
Q4 2020 4.29 % 7.49 %
2020 - -
Q1 2021 (9.04 %) 51.86 %


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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2019 23.30 31.34 2.44
Q3 2019 27.54 40.99 2.21
Q4 2019 26.89 27.42 2.40
Q1 2020 42.18 44.23 1.62
Q2 2020 NEG More than 100 2.16
Q3 2020 NEG More than 100 2.46
Q4 2020 More than 100 85.13 2.90
Q1 2021 38.67 31.63 3.29

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 223.00 305.41 36.96 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 223.00 305.41 27.0 %


Financial Ratios
Current
Market Cap (M Riyal) 11,276.72
Enterprise Value (EV) (M) 10,291.02
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) 58.75
Price/book 1.14
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 1.9
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Share Price

Saudi Industrial Investment Group
16.60
(0.14) (0.84 %)

Saudi Industrial Investment Group (SIIG)

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