SIIG turns to loss of SAR 143 mln in 9M 2020

SIIG turns to loss of SAR 143 mln in 9M 2020

05/11/2020 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) posted a net loss after Zakat and tax of SAR 143 million for the first nine months of 2020, compared to a net profit of SAR 544 million in the year-earlier period.

 

The company noted a loss of SAR 106 million from its share of jointly managed projects due to a sharp decrease in products prices. In addition, SIIG also cited a loss of SAR 9 million from the National Petrochemical Co. (Petrochem) as the latter permanently shut down and depreciated its Polystyrene unit.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 5,628.85 - -
Gross Income 1,468.46 - -
Operating Income 1,013.57 (27.99) (102.8 %)
Net Income 543.59 (143.37) (126.4 %)
Average Shares 450.00 450.00 -
EPS (Riyals) 1.21 (0.32) (126.4 %)

The company reported a net profit after Zakat and tax of SAR 85 million in Q3 2020, a decrease of 47% year-on-year (YoY).

 

On a sequential basis, SIIG turned to net profit in Q3 against a loss of SAR 55 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 1,957.97 - -
Gross Income 491.15 - -
Operating Income 327.45 (6.96) (102.1 %)
Net Income 160.27 85.48 (46.7 %)
Average Shares 450.00 450.00 -
EPS (Riyals) 0.36 0.19 (46.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2011 1,138.73 32.1 % 296.82 36.9 % 233.63 64.3 % 0.52
Q2 2011 1,138.03 69.5 % 207.47 98.1 % 146.97 422.4 % 0.33
Q3 2011 1,308.36 105.3 % 209.77 41.0 % 143.15 211.5 % 0.32
Q4 2011 890.85 (18.6 %) 68.21 (67.1 %) 4.76 (97.5 %) 0.01
Q1 2012 - - - - 201.10 (13.9 %) 0.45
Q2 2012 - - - - 100.85 (31.4 %) 0.22
Q3 2012 - - - - 215.68 50.7 % 0.48
Q4 2012 857.88 (3.7 %) (478.86) (802.0 %) 21.04 341.6 % 0.05
Q1 2013 689.10 - 172.39 - 59.89 (70.2 %) 0.13
Q2 2013 1,144.23 - 222.85 - 230.21 128.3 % 0.51
Q3 2013 1,117.37 - (38.76) - 221.03 2.5 % 0.49
Q4 2013 1,485.97 73.2 % 370.03 177.3 % 202.96 864.7 % 0.45
Q1 2014 1,709.95 148.1 % 456.16 164.6 % 260.72 335.3 % 0.58
Q2 2014 1,965.81 71.8 % 560.99 151.7 % 210.04 (8.8 %) 0.47
Q3 2014 1,952.47 74.7 % 668.53 1824.9 % 376.44 70.3 % 0.84
Q4 2014 2,230.28 50.1 % 613.39 65.8 % 84.98 (58.1 %) 0.19
Q1 2015 1,770.75 3.6 % 439.57 (3.6 %) 125.74 (51.8 %) 0.28
Q2 2015 1,967.02 0.1 % 738.14 31.6 % 339.12 61.5 % 0.75
Q3 2015 1,911.70 (2.1 %) 757.82 13.4 % 207.12 (45.0 %) 0.46
Q4 2015 1,654.69 (25.8 %) 546.25 (10.9 %) 55.08 (35.2 %) 0.12
Q1 2016 1,659.96 (6.3 %) 425.14 (3.3 %) 29.08 (76.9 %) 0.06
Q2 2016 1,642.22 (16.5 %) 573.53 (22.3 %) 151.47 (55.3 %) 0.34
Q3 2016 1,601.00 (16.3 %) 558.40 (26.3 %) (141.28) (168.2 %) (0.31)
Q4 2016 1,163.33 (29.7 %) 51.92 (90.5 %) 43.51 (21.0 %) 0.10
Q1 2017 1,685.27 1.5 % 502.40 18.2 % 309.54 964.6 % 0.69
Q2 2017 1,754.11 6.8 % 420.83 (26.6 %) 70.25 (53.6 %) 0.16
Q3 2017 1,755.30 9.6 % 552.10 (1.1 %) 226.47 260.3 % 0.50
Q4 2017 2,169.13 86.5 % 788.19 1418.0 % 397.79 814.2 % 0.88
Q1 2018 2,210.53 31.2 % 763.14 51.9 % 199.04 (35.7 %) 0.44
Q2 2018 2,239.39 27.7 % 722.34 71.6 % 321.40 357.5 % 0.71
Q3 2018 2,297.25 30.9 % 742.47 34.5 % 318.77 40.8 % 0.71
Q4 2018 2,183.25 0.7 % 455.16 (42.3 %) 25.70 (93.5 %) 0.06
Q1 2019 2,020.11 (8.6 %) 517.41 (32.2 %) 178.21 (10.5 %) 0.40
Q2 2019 1,650.76 (26.3 %) 459.89 (36.3 %) 205.11 (36.2 %) 0.46
Q3 2019 1,957.97 (14.8 %) 491.15 (33.8 %) 160.27 (49.7 %) 0.36
Q4 2019 1,869.64 (14.4 %) 414.40 (9.0 %) 62.68 143.9 % 0.14
Q1 2020 1,572.92 (22.1 %) 246.83 (52.3 %) (173.91) (197.6 %) (0.39)
Q2 2020 1,345.88 (18.5 %) (121.69) (126.5 %) (54.94) (126.8 %) (0.12)
Q3 2020 - - - - 85.48 (46.7 %) 0.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 450.00 1.10 1.10 13.14
Q2 2011 450.00 1.37 1.37 12.97
Q3 2011 450.00 1.58 1.58 13.28
Q4 2011 450.00 1.17 1.17 13.30
Q1 2012 450.00 1.10 1.10 13.74
Q2 2012 450.00 1.00 1.00 12.96
Q3 2012 450.00 1.16 1.16 13.44
Q4 2012 450.00 1.20 1.20 13.49
Q1 2013 450.00 0.88 0.88 13.62
Q2 2013 450.00 1.17 1.17 13.13
Q3 2013 450.00 1.18 1.18 13.62
Q4 2013 450.00 1.59 1.59 14.07
Q1 2014 450.00 2.03 2.03 14.65
Q2 2014 450.00 1.99 1.99 14.11
Q3 2014 450.00 2.33 2.33 14.95
Q4 2014 450.00 2.07 2.07 15.14
Q1 2015 450.00 1.77 1.77 15.42
Q2 2015 450.00 2.06 2.06 15.17
Q3 2015 450.00 1.68 1.68 15.63
Q4 2015 450.00 1.62 1.62 15.75
Q1 2016 450.00 1.40 1.40 13.26
Q2 2016 450.00 0.98 0.98 13.60
Q3 2016 450.00 0.21 0.82 13.28
Q4 2016 450.00 0.18 0.79 13.37
Q1 2017 450.00 0.81 1.42 14.06
Q2 2017 450.00 0.63 1.24 13.72
Q3 2017 450.00 1.44 1.44 14.22
Q4 2017 450.00 2.23 2.02 14.59
Q1 2018 450.00 1.99 1.78 15.03
Q2 2018 450.00 2.54 2.33 15.24
Q3 2018 450.00 2.75 2.54 15.95
Q4 2018 450.00 1.92 1.51 15.33
Q1 2019 450.00 1.88 1.46 15.73
Q2 2019 450.00 1.62 1.20 15.43
Q3 2019 450.00 1.27 0.85 15.79
Q4 2019 450.00 1.35 1.32 15.10
Q1 2020 450.00 0.56 0.54 14.71
Q2 2020 450.00 (0.01) 0.24 14.09
Q3 2020 450.00 (0.18) 0.08 14.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 35.30 35.30 2.96
Q2 2011 28.29 28.29 2.98
Q3 2011 20.62 20.62 2.46
Q4 2011 27.13 27.13 2.40
Q1 2012 37.66 37.66 3.02
Q2 2012 34.23 34.23 2.64
Q3 2012 33.16 33.16 2.86
Q4 2012 31.74 31.74 2.82
Q1 2013 43.49 43.49 2.82
Q2 2013 36.82 36.82 3.28
Q3 2013 37.16 37.16 3.23
Q4 2013 34.25 34.25 3.86
Q1 2014 28.46 28.46 3.95
Q2 2014 30.43 30.43 4.29
Q3 2014 28.66 28.66 4.47
Q4 2014 20.60 20.60 2.82
Q1 2015 22.01 22.01 2.53
Q2 2015 21.90 21.90 2.97
Q3 2015 17.75 17.75 1.91
Q4 2015 14.34 14.34 1.47
Q1 2016 14.63 14.63 1.55
Q2 2016 22.96 22.96 1.66
Q3 2016 More than 100 26.17 1.61
Q4 2016 More than 100 39.92 2.37
Q1 2017 42.83 24.41 2.46
Q2 2017 52.80 26.78 2.41
Q3 2017 24.07 24.07 2.44
Q4 2017 14.40 15.89 2.20
Q1 2018 19.13 21.38 2.53
Q2 2018 19.29 21.01 3.22
Q3 2018 16.69 18.06 2.88
Q4 2018 19.97 25.47 2.50
Q1 2019 22.00 28.25 2.62
Q2 2019 25.89 34.82 2.71
Q3 2019 30.60 45.54 2.45
Q4 2019 29.88 30.47 2.67
Q1 2020 46.87 49.14 1.80
Q2 2020 NEG More than 100 2.40
Q3 2020 NEG More than 100 2.73

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 Q3 2020 (e) Q3 2020 (a) Change‬
Average 101.00 85.48 (15.4 %)

Estimates vs Actual (Million)

Item Q3 2020 (e) Q3 2020 (a) Change
SNB Capital 101.00 85.48 (15.4) %


Financial Ratios
Current
Market Cap (M Riyal) 16,122.53
Enterprise Value (EV) (M) 15,559.97
Shares Outstanding ((M)) 754.80
EPS ( Riyal) (TTM) 0.51
Book Value (BV) ( Riyal) 13.31
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 42.29
P/E (TTM) 42.29
Price/book 1.60
Return on Average Assets (%) (TTM) 3.6
Return on Average Equity (%) (TTM) 3.7
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Share Price

Saudi Industrial Investment Group
21.36
(0.22) (1.02 %)

Saudi Industrial Investment Group (SIIG)

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