SIIG profit soars 88% to SAR 190M in 9M 2024; Q3 at SAR 98M

SIIG profit soars 88% to SAR 190M in 9M 2024; Q3 at SAR 98M

31/10/2024 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) posted an 88% leap in net profit to SAR 190 million in the first nine months of 2024, from SAR 101 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Operating Income (43.53) (47.09) (8.2 %)
Net Income 100.96 189.99 88.2 %
Average Shares 754.80 754.80 -
EPS (Riyals) 0.13 0.25 88.2 %

The nine-month earnings were buoyed by higher profit share from joint ventures (JVs), due to higher sales volumes on the unscheduled maintenance at Saudi Polymers Co. (SPCo) during the corresponding period.

 

The company also reported a marginal rise in product selling prices and a decline in Zakat expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Operating Income (21.84) (20.09) 8.0 %
Net Income 222.35 98.09 (55.9 %)
Average Shares 754.80 754.80 -
EPS (Riyals) 0.29 0.13 (55.9 %)

On the other hand, SIIG reported higher energy and feedstock costs, as well as lower returns from Murabaha agreements.

 

The Q3 2024 net profit dropped 56% to SAR 98 million, from SAR 222.3 million in the prior-year period.

 

On a quarterly basis, net earnings jumped 52.3% from SAR 64.37 million Q2 2024.

 

Total shareholders’ equity, no minority interest, declined to SAR 9.83 billion as of Sept. 30, 2024, from SAR 10.41 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2023 - - - - (19.50) (0.2 %)
Q1 2024 - - - - (11.84) (39.8 %)
Q2 2024 - - - - (15.16) (14.6 %)
Q3 2024 - - - - (20.09) 8.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2023 11.24 103.8 % 0.01 - 11.24 0.01
Q1 2024 27.53 111.4 % 0.04 - 27.53 0.04
Q2 2024 64.37 (46.4 %) 0.09 - 64.37 0.09
Q3 2024 98.09 (55.9 %) 0.13 - 98.09 0.13

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 - - -
Q2 2024 - - -
Q3 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
Q2 2024 754.80 0.43 0.43 13.40
Q3 2024 754.80 0.27 0.27 13.03

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
Q2 2024 49.25 49.25 1.59
Q3 2024 73.45 73.45 1.50

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 Q3 2024 (e) Q3 2024 (a) Change‬
Average 76.96 98.09 27.46 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Goldman Sachs 98.12 98.09 0.0 %
U-Capital 83.40 98.09 17.6 %
Riyad Capital 65.00 98.09 50.9 %
SNB Capital 61.30 98.09 60.0 %


Financial Ratios
Current
Market Cap (M Riyal) 13,148.62
Enterprise Value (EV) (M) 12,693.67
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 1.34
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 2.0
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Share Price

Saudi Industrial Investment Group
17.42
(0.28) (1.58 %)

Saudi Industrial Investment Group (SIIG)

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