SIIG net profit drops 36% to SAR 519 mln in H1 2022; Q2 at SAR 284 mln

SIIG net profit drops 36% to SAR 519 mln in H1 2022; Q2 at SAR 284 mln

03/08/2022 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 519 million for H1 2022, a 36% fall from SAR 811 million in the corresponding period a year earlier.

 

SIIG attributed the lower profit to a decline in its profit share from jointly-managed projects due to an increase in feedstock costs, as well as higher general and administrative (G&A) expenses. The company also cited higher Zakat expenses, as its subsidiary, National Petrochemical Co. (Petrochem), reversed a Zakat provision in H1 2021.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Operating Income (28.50) (45.31) (59.0 %)
Net Income 810.68 519.08 (36.0 %)
Average Shares 450.00 678.60 50.8 %
EPS (Riyals) 1.80 0.76 (57.5 %)

In Q2 2022, net profit after Zakat and tax plunged 44% to SAR 284 million, from SAR 505 million in the year-earlier period.

 

The lower net profit for the quarter was attributed to a decline in SIIG’s profit share from jointly-managed projects due to an increase in feedstock costs, as well as higher G&A expenses.

 

SIIG also cited higher Zakat expenses, as its subsidiary, Petrochem, wrote back a Zakat provision in H1 2021.

 

Compared to Q1 2022, the group’s net profit jumped 20.9% from SAR 234.88 million, thanks to a rise in SIIG’s profit share from Petrochem.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Operating Income (18.78) (35.78) (90.5 %)
Net Income 505.26 284.20 (43.8 %)
Average Shares 450.00 678.60 50.8 %
EPS (Riyals) 1.12 0.42 (62.7 %)

Total shareholders’ equity, after minority interest, stood at SAR 11.396 billion as of June 30, 2022, compared to SAR 6.997 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2019 160.27 (49.7 %) 0.36 - 160.27 0.36
Q4 2019 62.68 143.9 % 0.14 11.77 50.91 0.11
Q1 2020 (173.91) (197.6 %) (0.39) - (173.91) (0.39)
Q2 2020 (54.94) (126.8 %) (0.12) (127.00) 72.07 0.16
Q3 2020 85.48 (46.7 %) 0.19 - 85.48 0.19
Q4 2020 235.02 274.9 % 0.52 - 235.02 0.52
Q1 2021 305.41 275.6 % 0.68 - 305.41 0.68
Q2 2021 505.26 1019.7 % 1.12 - 505.26 1.12
Q3 2021 203.95 138.6 % 0.45 - 203.95 0.45
Q4 2021 121.65 (48.2 %) 0.27 - 121.65 0.27
Q1 2022 234.88 (23.1 %) 0.35 - 234.88 0.35
Q2 2022 284.20 (43.8 %) 0.42 - 284.20 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2020 4.29 % - 7.49 %
Q1 2021 (9.04 %) - 51.86 %
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2020 450.00 0.20 0.49 14.25
Q1 2021 450.00 1.27 1.55 14.93
Q2 2021 450.00 2.51 2.51 15.55
Q3 2021 450.00 2.78 2.78 16.00
Q4 2021 450.00 2.53 2.53 16.29
Q1 2022 678.60 1.57 1.57 16.81
Q2 2022 678.60 1.24 1.24 15.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2020 More than 100 94.59 3.23
Q1 2021 42.96 35.15 3.65
Q2 2021 23.35 23.35 3.78
Q3 2021 24.64 24.64 4.28
Q4 2021 20.69 20.69 3.21
Q1 2022 24.79 24.79 3.49
Q2 2022 25.47 25.47 1.89

Business Segments (Million)

Compared With The
Period Saudi Chevron Phillips Company Jubail Chevron Phillips Petrochem Consolidation adjustments & eliminations
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 2022 (e) Q2 2022 (a) Change‬
Average 261.92 284.20 8.51 %

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
SNB Capital 267.00 284.20 6.4 %
Goldman Sachs 384.95 284.20 (26.2) %
U-Capital 133.80 284.20 112.4 %

Current
Market Cap (M Riyal) 13,375.06
Enterprise Value (EV) (M) 12,920.11
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 1.36
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 2.0

Share Price

Saudi Industrial Investment Group (SIIG)


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