SIIG 9M 2023 profit dips 82% to SAR 101 mln; Q3 at SAR 222 mln

SIIG 9M 2023 profit dips 82% to SAR 101 mln; Q3 at SAR 222 mln

02/11/2023 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a slump of 82% in net profit to SAR 101 million in the first nine months of 2023, compared to SAR 574 million a year earlier. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Operating Income (52.50) (43.53) 17.1 %
Net Income 573.88 100.96 (82.4 %)
Average Shares 678.60 754.80 11.2 %
EPS (Riyals) 0.85 0.13 (84.2 %)

The nine-month results were hurt by a decline in SIIG’s profit share from joint ventures (JVs) on lower selling prices and sales volumes.

 

Further, the unplanned shutdown of Saudi Polymer Co. during the current period also weighed on net profit.

 

The three-month net profit soared 97% to SAR 16.8 million from SAR 8.5 million in Q3 2022. SIIG reported a higher profit share from JVs, due to lower feedstock prices and better sales volumes.

 

It also recorded a higher return from Murabaha deals and lower Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Operating Income (7.19) (21.84) (203.6 %)
Net Income 54.80 222.35 305.7 %
Average Shares 678.60 754.80 11.2 %
EPS (Riyals) 0.08 0.29 264.8 %

The company’s bottom line climbed 84.8% from SAR 120.1 million in Q2 2023, thanks to a better profit share from JVs, due to lower feedstock prices and better sales volumes, along with lower Zakat expenses.

 

Total shareholders’ equity, no minority interest, declined to SAR 10.41 billion as of Sept. 30, 2023, from SAR 11.54 billion a year earlier.



Financial results (Million)

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


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 54.80 (73.1 %) 0.08 - 54.80 0.08
Q4 2022 (296.44) (343.7 %) (0.44) - (296.44) (0.44)
Q1 2023 (241.50) (202.8 %) (0.32) - (241.50) (0.32)
Q2 2023 120.11 (57.7 %) 0.16 - 120.11 0.16
Q3 2023 222.35 305.7 % 0.29 - 222.35 0.29

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 - - -
Q3 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
Q3 2023 754.80 (0.26) (0.26) 13.79

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
Q3 2023 NEG NEG 1.72

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 Q3 2023 (e) Q3 2023 (a) Change‬
Average 141.44 222.35 57.20 %

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
SNB Capital 167.00 222.35 33.1 %
Arqaam Capital 165.00 222.35 34.8 %
Riyad Capital 132.00 222.35 68.4 %
U-Capital 130.00 222.35 71.0 %
Goldman Sachs 113.22 222.35 96.4 %

Current
Market Cap (M Riyal) 13,359.96
Enterprise Value (EV) (M) 12,905.01
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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