Financial Results : SIIG 2023 profit down 60% to SAR 112M; Q4 at SAR 11M

SIIG 2023 profit down 60% to SAR 112M; Q4 at SAR 11M

01/02/2024 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a decline of 60% in net profit to SAR 112 million for 2023, compared to SAR 277 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Operating Income (71.97) (63.03) 12.4 %
Net Income 277.44 112.20 (59.6 %)
Average Shares 610.74 679.32 11.2 %
Earnings Per Share before unusual items (Riyals) 0.45 0.17 (63.6 %)
EPS (Riyal) 0.45 0.17 (63.6 %)

The profit decline was attributed to a decrease in SIIG’s share of profit in joint ventures due to the unplanned shutdown of Saudi Polymer Co. and lower selling prices.

 

The company, however, reported an increase in Murabaha income and a decrease in general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Operating Income (19.47) (19.50) (0.2 %)
Net Income (296.44) 11.24 103.8 %
Average Shares 610.74 679.32 11.2 %
Earnings Per Share before unusual items (Riyal) (0.49) 0.02 103.4 %
EPS (Riyal) (0.49) 0.02 103.4 %

In Q4 2023, the company turned to a net profit of SAR 11 million against a net loss of SAR 296.44 million a year ago due to a higher share of profit in the joint ventures, which reported a profit compared to a loss in Q4 2022, on the scheduled turnaround maintenance for Saudi Polymer Co.

 

Compared to the previous quarter, net profit fell 95% from SAR 222.35 million in Q3 2023.

 

 

Total shareholders’ equity, excluding minority interest, increased to SAR 10.02 billion as of Dec. 31, 2023, from SAR 10.68 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2022 - - - - (9.53) 1.9 %
Q2 2022 - - - - (35.78) (90.5 %)
Q3 2022 - - - - (7.19) 44.5 %
Q4 2022 - - - - (19.47) 29.6 %
Q1 2023 - - - - (8.47) 11.1 %
Q2 2023 - - - - (13.22) 63.0 %
Q3 2023 - - - - (21.84) (203.6 %)
Q4 2023 - - - - (19.50) (0.2 %)
2023 - - - - (63.03) 12.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q1 2022 234.88 (23.1 %) 0.38 - 234.88 0.38
Q2 2022 284.20 (43.8 %) 0.47 - 284.20 0.47
Q3 2022 54.80 (73.1 %) 0.09 - 54.80 0.09
Q4 2022 (296.44) (343.7 %) (0.49) - (296.44) (0.49)
Q1 2023 (241.50) (202.8 %) (0.36) - (241.50) (0.36)
Q2 2023 120.11 (57.7 %) 0.18 - 120.11 0.18
Q3 2023 222.35 305.7 % 0.33 - 222.35 0.33
Q4 2023 11.24 103.8 % 0.02 - 11.24 0.02
2023 112.20 (59.6 %) 0.17 - 112.20 0.17

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2021 (9.04 %) - 51.86 %
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
2023 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2022 610.74 1.74 1.74 18.67
Q2 2022 610.74 1.38 1.38 16.78
Q3 2022 610.74 1.14 1.14 17.00
Q4 2022 610.74 0.45 0.45 15.73
Q1 2023 679.32 (0.29) (0.29) 15.38
Q2 2023 679.32 (0.53) (0.53) 15.55
Q3 2023 679.32 (0.29) (0.29) 15.32
Q4 2023 679.32 0.17 0.17 14.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2022 23.05 23.05 3.25
Q2 2022 23.69 23.69 1.76
Q3 2022 23.07 23.07 1.39
Q4 2022 55.62 55.62 1.44
Q1 2023 NEG NEG 1.68
Q2 2023 NEG NEG 1.76
Q3 2023 NEG NEG 1.60
Q4 2023 More than 100 More than 100 1.55

Business Segments (Million)

Compared With The
Period Saudi Chevron Phillips Company Jubail Chevron Phillips Petrochem Consolidation adjustments & eliminations
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 155.59 11.24

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 89.00 11.24
Riyad Capital 153.00 11.24
Goldman Sachs 181.15 11.24
U-Capital 199.20 11.24

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 -

Share Price

Saudi Industrial Investment Group (SIIG)


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