Financial Results : SIIG turns to SAR 104M loss in 2025; Q4 loss at SAR 150M

SIIG turns to SAR 104M loss in 2025; Q4 loss at SAR 150M

05/02/2026 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) swung to a net loss of SAR 104 million in 2025, versus a net profit of SAR 201 million a year earlier.



Financials (M)

Item 2024 2025 Change‬
Operating Income 115.00 (156.00) (235.7 %)
Net Income 201.24 (104.00) (151.7 %)
Average Shares 679.32 679.32 -
Earnings Per Share before unusual items (Riyals) 0.15 (0.21) (242.7 %)
EPS (Riyal) 0.30 (0.15) (151.7 %)

The losses were primarily driven by the company’s lower profit share from its joint venture investments (S-Chem) during the current period, due to lower average selling prices and higher energy costs. However, it was partially offset by an increase in sales volume.

 

SIIG also cited a decline in Murabaha financing income amid lower cash balances and lower Murabaha rates.

 

Furthermore, Zakat provisions related to prior years amounting to SAR 42 million were reversed in the current period, compared with SAR 99 million reversed in the corresponding period last year.

 

Zakat expenses for 2025 amounted to SAR 12 million, compared to SAR 41 million for 2024, due to the group’s capital reduction of SAR 755 million, the purchase of treasury shares of SAR 200 million, and dividend distributions of SAR 167 million, which reduced the Zakat base.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Operating Income (89.00) (196.00) (120.2 %)
Net Income 11.26 (150.00) (1432.4 %)
Average Shares 679.32 679.32 -
Earnings Per Share before unusual items (Riyal) (0.13) (0.28) (119.0 %)
EPS (Riyal) 0.02 (0.22) (1432.4 %)

Q4 2025 net loss reached SAR 150 million, against a net profit of SAR 11.26 million in Q4 2024. 

 

On a quarterly basis, SIIG turned to a net loss, versus a net profit of SAR 8.33 million in Q3 2025.  

 

Total shareholders’ equity, excluding minority interest, fell to SAR 8.59 billion as of Dec. 31, 2025, compared to SAR 9.83 billion in the prior-year period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2024 - - - - (11.84) (39.8 %)
Q2 2024 - - - - (15.16) (14.6 %)
Q3 2024 - - - - (20.09) 8.0 %
Q4 2024 - - - - (89.00) (356.3 %)
Q1 2025 - - - - (11.67) 1.4 %
Q2 2025 - - - - (18.63) (22.9 %)
Q3 2025 - - - - 7.00 134.8 %
Q4 2025 - - - - (196.00) (120.2 %)
2025 - - - - (156.00) (235.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q1 2024 27.53 111.4 % 0.04 - 27.53 0.04
Q2 2024 64.37 (46.4 %) 0.09 - 64.37 0.09
Q3 2024 98.09 (55.9 %) 0.14 - 98.09 0.14
Q4 2024 11.26 0.2 % 0.02 98.95 (87.69) (0.13)
Q1 2025 18.23 (33.8 %) 0.03 - 18.23 0.03
Q2 2025 19.63 (69.5 %) 0.03 - 19.63 0.03
Q3 2025 8.33 (91.5 %) 0.01 - 8.33 0.01
Q4 2025 (150.00) (1432.4 %) (0.22) 42.00 (192.00) (0.28)
2025 (104.00) (151.7 %) (0.15) 42.00 (146.00) (0.21)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
2024 - - -
Q1 2025 - - -
Q2 2025 - - -
Q3 2025 - - -
Q4 2025 - - -
2025 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2024 679.32 0.56 0.56 14.79
Q2 2024 679.32 0.48 0.48 14.89
Q3 2024 679.32 0.30 0.30 14.48
Q4 2024 679.32 0.30 0.15 14.48
Q1 2025 679.32 0.28 0.14 14.50
Q2 2025 679.32 0.22 0.07 13.34
Q3 2025 679.32 0.08 (0.06) 13.14
Q4 2025 679.32 (0.15) (0.21) 12.65

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2024 42.68 42.68 1.62
Q2 2024 45.81 45.81 1.47
Q3 2024 68.31 68.31 1.40
Q4 2024 58.26 More than 100 1.19
Q1 2025 56.76 More than 100 1.11
Q2 2025 77.39 More than 100 1.26
Q3 2025 More than 100 NEG 1.46
Q4 2025 NEG NEG 0.98

Business Segments (Million)

Compared With The
Period Saudi Chevron Phillips Company Jubail Chevron Phillips Petrochem Consolidation adjustments & eliminations
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 Profit Before Unusual Items Change
Average (2.50) (150.00) (192.00)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Riyad Capital (12.00) (150.00) (192.00)
SNB Capital (3.80) (150.00) (192.00)
U-Capital 8.30 (150.00) (192.00)

Current
Market Cap (M Riyal) 8,131.47
Enterprise Value (EV) (M Riyal) 7,829.98
Shares Outstanding ((M)) 679.32
EPS ( Riyal) (TTM) (0.15)
Book Value (BV) ( Riyal) 12.65
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 0.95
Return on Average Assets (%) (TTM) (1.08 )
Return on Average Equity (%) (TTM) (1.13 )
EV/adj EBITDA -
EV/Revenues -

Share Price

Saudi Industrial Investment Group (SIIG)


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