SIIG incurs SAR 121 mln loss in H1 2023, earns SAR 120 mln in Q2

SIIG incurs SAR 121 mln loss in H1 2023, earns SAR 120 mln in Q2

01/08/2023 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) swung to a net loss of SAR 121 million in H1 2023, against a net profit of SAR 519 million in H1 2022. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Operating Income (45.31) (21.69) 52.1 %
Net Income 519.08 (121.39) (123.4 %)
Average Shares 678.60 754.80 11.2 %
EPS (Riyals) 0.76 (0.16) (121.0 %)

The negative results were attributed to the losses realized on jointly managed projects, the lower prices of some products, and unplanned turnaround maintenance for Saudi Polymer Co.

 

In Q2 2023, SIIG’s net profit fell by 58% to SAR 120 from SAR 284.2 million in the year-earlier period as the company’s profit share from joint ventures decreased on lower product selling prices.

 

SIIG reported positive results in the current quarter against a net loss of SAR 241.5 million in Q1 2023. The company’s profit share from joint ventures during the current quarter improved due to the unplanned shutdown of SPC.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Operating Income (35.78) (13.22) 63.0 %
Net Income 284.20 120.11 (57.7 %)
Average Shares 678.60 754.80 11.2 %
EPS (Riyals) 0.42 0.16 (62.0 %)

Total shareholders’ equity, after minority interest, dropped to SAR 10.56 billion as of June 30, 2023, from SAR 11.39 billion in the earlier-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2020 - - - - 235.02 274.9 % 0.52
Q1 2021 - - - - 305.41 275.6 % 0.68
Q2 2021 - - - - 505.26 1019.7 % 1.12
Q3 2021 - - - - 203.95 138.6 % 0.45
Q4 2021 - - - - 121.65 (48.2 %) 0.27
Q1 2022 - - - - 234.88 (23.1 %) 0.35
Q2 2022 - - - - 284.20 (43.8 %) 0.42
Q3 2022 - - - - 54.80 (73.1 %) 0.08
Q4 2022 - - - - (296.44) (343.7 %) (0.44)
Q1 2023 - - - - (241.50) (202.8 %) (0.32)
Q2 2023 - - - - 120.11 (57.7 %) 0.16

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 - - -
Q1 2023 - - -
Q2 2023 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 678.60 1.02 1.02 15.30
Q4 2022 678.60 0.41 0.41 14.16
Q1 2023 754.80 (0.26) (0.26) 13.84
Q2 2023 754.80 (0.48) (0.48) 14.00

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 24.81 24.81 1.49
Q4 2022 59.80 59.80 1.55
Q1 2023 NEG NEG 1.81
Q2 2023 NEG NEG 1.89

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 Q2 2023 (e) Q2 2023 (a) Change‬
Average 136.35 120.11 (11.9 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
HSBC 121.00 120.11 (0.7) %
SNB Capital 143.00 120.11 (16.0) %
U-Capital 200.40 120.11 (40.1) %
Riyad Capital 81.00 120.11 48.3 %


Financial Ratios
Current
Market Cap (M Riyal) 16,031.95
Enterprise Value (EV) (M) 15,469.39
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) 42.05
P/E (TTM) 42.05
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
21.24
(0.34) (1.58 %)

Saudi Industrial Investment Group (SIIG)

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