SIIG’s net profit down 26% in H1 2019

SIIG’s net profit down 26% in H1 2019

29/07/2019 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) posted a net profit after zakat and tax of SAR 383 million for the first half of 2019, a decline of 26.35 percent year-on-year (YoY) due to lower profit share from managed projects.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 4,449.92 3,670.87 (17.5 %)
Gross Income 1,485.48 977.30 (34.2 %)
Operating Income 1,152.26 686.11 (40.5 %)
Net Income 520.44 383.32 (26.3 %)
Average Shares 450.00 450.00 -
Earnings Per Share before unusual items 1.16 0.85 (26.3 %)
EPS (Riyals) 1.16 0.85 (26.3 %)

The second quarter net profit after zakat and tax decreased 36.14 percent YoY to SAR 205 million due to lower profit share from joint ventures (JVs) and lower selling prices.

 

When compared to previous quarter, net profit increased by 15.17 percent, driven by an increase in the profit share from JVs; SCP and JCP to SAR 112 million, on higher sales volumes and higher selling prices.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 2,239.39 1,650.76 (26.3 %)
Gross Income 722.34 459.89 (36.3 %)
Operating Income 549.71 323.07 (41.2 %)
Net Income 321.40 205.11 (36.2 %)
Average Shares 450.00 450.00 -
Earnings Per Share before unusual items 0.71 0.46 (36.2 %)
EPS (Riyals) 0.71 0.46 (36.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 862.22 96.2 % 216.77 19489.4 % 180.14 609.1 %
Q2 2010 671.56 (23.5 %) 104.72 (22.2 %) 71.22 (33.4 %)
Q3 2010 637.43 (47.0 %) 148.75 (22.0 %) 73.00 (50.6 %)
Q4 2010 1,094.42 (11.7 %) 207.25 5.8 % 176.30 20.3 %
Q1 2011 1,138.73 32.1 % 296.82 36.9 % 254.77 41.4 %
Q2 2011 1,138.03 69.5 % 207.47 98.1 % 161.27 126.4 %
Q3 2011 1,308.36 105.3 % 209.77 41.0 % 158.26 116.8 %
Q4 2011 890.85 (18.6 %) 68.21 (67.1 %) 18.70 (89.4 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2010 142.18 381.6 % 0.32 - 142.18 0.32
Q2 2010 28.14 (61.9 %) 0.06 - 28.14 0.06
Q3 2010 45.96 (66.3 %) 0.10 - 45.96 0.10
Q4 2010 188.34 28.9 % 0.42 - 188.34 0.42
Q1 2011 233.63 64.3 % 0.52 - 233.63 0.52
Q2 2011 146.97 422.4 % 0.33 - 146.97 0.33
Q3 2011 143.15 211.5 % 0.32 - 143.15 0.32
Q4 2011 4.76 (97.5 %) 0.01 - 4.76 0.01
Q1 2012 201.10 (13.9 %) 0.45 - 201.10 0.45
Q2 2012 100.85 (31.4 %) 0.22 - 100.85 0.22
Q3 2012 215.68 50.7 % 0.48 - 215.68 0.48
Q4 2012 21.04 341.6 % 0.05 - 21.04 0.05
Q1 2013 59.89 (70.2 %) 0.13 - 59.89 0.13
Q2 2013 230.21 128.3 % 0.51 - 230.21 0.51
Q3 2013 221.03 2.5 % 0.49 - 221.03 0.49
Q4 2013 202.96 864.7 % 0.45 - 202.96 0.45
Q1 2014 260.72 335.3 % 0.58 - 260.72 0.58
Q2 2014 210.04 (8.8 %) 0.47 - 210.04 0.47
Q3 2014 376.44 70.3 % 0.84 - 376.44 0.84
Q4 2014 84.98 (58.1 %) 0.19 - 84.98 0.19
Q1 2015 125.74 (51.8 %) 0.28 - 125.74 0.28
Q2 2015 339.12 61.5 % 0.75 - 339.12 0.75
Q3 2015 207.12 (45.0 %) 0.46 - 207.12 0.46
Q4 2015 55.08 (35.2 %) 0.12 - 55.08 0.12
Q1 2016 29.08 (76.9 %) 0.06 - 29.08 0.06
Q2 2016 151.47 (55.3 %) 0.34 - 151.47 0.34
Q3 2016 (141.28) (168.2 %) (0.31) (274.00) 132.72 0.29
Q4 2016 43.51 (21.0 %) 0.10 - 43.51 0.10
Q1 2017 309.54 964.6 % 0.69 - 309.54 0.69
Q2 2017 70.25 (53.6 %) 0.16 - 70.25 0.16
Q3 2017 226.47 260.3 % 0.50 - 226.47 0.50
Q4 2017 397.79 814.2 % 0.88 93.96 303.83 0.68
Q1 2018 199.04 (35.7 %) 0.44 - 199.04 0.44
Q2 2018 321.40 357.5 % 0.71 - 321.40 0.71
Q3 2018 318.77 40.8 % 0.71 - 318.77 0.71
Q4 2018 25.70 (93.5 %) 0.06 186.79 (161.09) (0.36)
Q1 2019 178.21 (10.5 %) 0.40 - 178.21 0.40
Q2 2019 205.11 (36.2 %) 0.46 - 205.11 0.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 17.64 % 19.16 % 11.92 %
Q2 2010 17.81 % 19.76 % 11.39 %
Q3 2010 19.53 % 20.17 % 10.62 %
Q4 2010 20.75 % 21.46 % 12.39 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2010 450.00 1.11 1.11 12.55
Q2 2010 450.00 1.01 1.01 12.10
Q3 2010 450.00 0.81 0.81 12.21
Q4 2010 450.00 0.90 0.90 12.62
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 33.07 33.07 2.92
Q2 2010 29.00 29.00 2.41
Q3 2010 38.33 38.33 2.53
Q4 2010 40.57 40.57 2.89
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

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 Q2 2019 (e) Q2 2019 (net income) Change‬
Average 170.00 205.11 20.65 %

Estimates vs Actual (Million)

Item Q2 2019 (e) Q2 2019 (net income) Change
SNB Capital 170.00 205.11 20.7 %


Financial Ratios
Current
Market Cap (M Riyal) 11,669.21
Enterprise Value (EV) (M) 10,719.99
Shares Outstanding ((M)) 754.80
EPS ( Riyal) (TTM) 0.27
Book Value (BV) ( Riyal) 13.03
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.19
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 2.0
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Share Price

Saudi Industrial Investment Group
15.46
0.48 3.20 %

Saudi Industrial Investment Group (SIIG)

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