SIIG turns to SAR 28M profit in Q1 2024

SIIG turns to SAR 28M profit in Q1 2024

09/05/2024 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) swung to a net profit of SAR 28 million in Q1 2024, against a net loss of SAR 242 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Operating Income (8.47) (11.84) (39.8 %)
Net Income (241.50) 27.53 111.4 %
Average Shares 754.80 754.80 -
EPS (Riyals) (0.32) 0.04 111.4 %
The positive results were driven by SIIG’s higher profit share from joint ventures (JVs) in Q1 2024, as the JVs swung to profits from losses in Q1 2023, due to the unscheduled turnaround maintenance of Saudi Polymer Co.
 
The company also reported lower Zakat expenses despite a decline in Murabaha income and higher general and administrative expenses.
 
SIIG’s Q1 net profit surged 154% from SAR 11 million in Q4 2023.
 
Total shareholders’ equity, after minority interest, increased to SAR 10.05 billion as of March 31, 2024, from SAR 10.44 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q3 2023 - - - - 222.35 305.7 % 0.29
Q4 2023 - - - - 11.24 103.8 % 0.01
Q1 2024 - - - - 27.53 111.4 % 0.04

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q4 2023 - - -
Q1 2024 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 754.80 0.15 0.15 13.28
Q1 2024 754.80 0.51 0.51 13.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 More than 100 More than 100 1.67
Q1 2024 45.89 45.89 1.74

Business Segments (Million)

Compared With The
Period Saudi Chevron Phillips Company Jubail Chevron Phillips Petrochem Consolidation adjustments & eliminations
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 Q1 2024 (e) Q1 2024 (a) Change‬
Average 25.74 27.53 6.97 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
SNB Capital 23.70 27.53 16.2 %
Riyad Capital 33.00 27.53 (16.6) %
U-Capital 53.80 27.53 (48.8) %
Goldman Sachs (7.55) 27.53 464.8 %


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
21.22
(0.36) (1.67 %)

Saudi Industrial Investment Group (SIIG)

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