SIIG’s H1 net profit falls 35% to SAR 304 mln

28/07/2016 Argaam Exclusive

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Share Price

Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group (SIIG) reported a net profit of SAR 304 million for the first half of 2016, a 35 percent year-on-year (YoY) drop attributed to lower prices of affiliates’ products, higher feedstock and energy costs and a drop in the its share in National Petrochemical Company’s profit to SAR 165 million.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	3,737.78	3,302.17	(11.7 %)
Gross Income	1,177.71	998.67	(15.2 %)
Operating Income	792.65	698.29	(11.9 %)
Net Income	464.86	180.55	(61.2 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	1.03	0.40	(61.2 %)

SIIG’s net profit for the second quarter fell 36 percent YoY to SAR 216 million for the same reasons as above. Meanwhile, Q2 net earnings surged 145 percent compared to the previous quarter on an increase in its share in affiliate’s profit.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	1,967.02	1,642.22	(16.5 %)
Gross Income	738.14	573.53	(22.3 %)
Operating Income	562.17	420.61	(25.2 %)
Net Income	339.12	151.47	(55.3 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	0.75	0.34	(55.3 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	1,659.96	1,642.22	(1.1 %)
Gross Income	425.14	573.53	34.9 %
Operating Income	277.67	420.61	51.5 %
Net Income	29.08	151.47	420.9 %
Average Shares	450.00	450.00	-
EPS (Riyals)	0.06	0.34	420.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	201.45	-	66.76	-	67.36	(48.4 %)	0.18
Q2 2007	364.51	-	128.81	-	124.95	1.2 %	0.32
Q3 2007	475.49	(59.7 %)	164.45	(62.6 %)	145.45	(21.7 %)	0.38
Q4 2007	417.67	5.7 %	117.25	(39.8 %)	99.62	(32.3 %)	0.26
2007	1,459.12	(7.3 %)	477.28	(24.8 %)	437.38	(25.5 %)	1.14
Q1 2008	552.12	174.1 %	161.25	141.5 %	137.44	104.0 %	0.31
Q2 2008	600.53	64.8 %	193.51	50.2 %	157.53	26.1 %	0.35
Q3 2008	588.95	23.9 %	0.77	(99.5 %)	(31.73)	(121.8 %)	(0.07)
Q4 2008	397.36	(4.9 %)	(202.32)	(272.5 %)	(214.49)	(315.3 %)	(0.48)
2008	2,138.96	46.6 %	153.22	(67.9 %)	48.75	(88.9 %)	0.11
Q1 2009	439.56	(20.4 %)	(1.12)	(100.7 %)	(50.49)	(136.7 %)	(0.11)
Q2 2009	878.00	46.2 %	134.52	(30.5 %)	73.92	(53.1 %)	0.16
Q3 2009	1,203.46	104.3 %	190.80	24583.2 %	136.49	530.2 %	0.30
Q4 2009	1,239.39	211.9 %	195.83	196.8 %	146.08	168.1 %	0.32
2009	3,760.41	75.8 %	520.04	239.4 %	306.01	527.7 %	0.68
Q1 2010	862.22	96.2 %	216.77	19489.4 %	142.18	381.6 %	0.32
Q2 2010	671.56	(23.5 %)	104.72	(22.2 %)	28.14	(61.9 %)	0.06
Q3 2010	637.43	(47.0 %)	148.75	(22.0 %)	45.96	(66.3 %)	0.10
Q4 2010	1,094.42	(11.7 %)	207.25	5.8 %	188.34	28.9 %	0.42
2010	3,265.63	(13.2 %)	644.01	23.8 %	404.61	32.2 %	0.90
Q1 2011	1,138.73	32.1 %	296.82	36.9 %	233.63	64.3 %	0.52
Q2 2011	1,138.03	69.5 %	207.47	98.1 %	146.97	422.4 %	0.33
Q3 2011	1,308.36	105.3 %	209.77	41.0 %	143.15	211.5 %	0.32
Q4 2011	890.85	(18.6 %)	68.21	(67.1 %)	4.76	(97.5 %)	0.01
2011	4,475.97	37.1 %	782.27	21.5 %	528.52	30.6 %	1.17
Q1 2012	-	-	-	-	201.10	(13.9 %)	0.45
Q2 2012	-	-	-	-	100.85	(31.4 %)	0.22
Q3 2012	-	-	-	-	215.68	50.7 %	0.48
Q4 2012	857.88	(3.7 %)	(478.86)	(802.0 %)	21.04	341.6 %	0.05
2012	857.88	(80.8 %)	(478.86)	(161.2 %)	538.67	1.9 %	1.20
Q1 2013	689.10	-	172.39	-	59.89	(70.2 %)	0.13
Q2 2013	1,144.23	-	222.85	-	230.21	128.3 %	0.51
Q3 2013	1,117.37	-	(38.76)	-	221.03	2.5 %	0.49
Q4 2013	1,485.97	73.2 %	370.03	177.3 %	202.96	864.7 %	0.45
2013	4,436.68	417.2 %	726.52	251.7 %	714.08	32.6 %	1.59
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
2014	7,858.52	77.1 %	2,299.06	216.5 %	933.33	30.7 %	2.07
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
2015	7,304.17	(7.1 %)	2,481.77	7.9 %	727.14	(22.1 %)	1.62
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	1,573.93	35.9 %	634.69	54.3 %	586.95	41.5 %	1.53
2007	1,459.12	(7.3 %)	477.28	(24.8 %)	437.38	(25.5 %)	1.14
2008	2,138.96	46.6 %	153.22	(67.9 %)	48.75	(88.9 %)	0.11
2009	3,760.41	75.8 %	520.04	239.4 %	306.01	527.7 %	0.68
2010	3,265.63	(13.2 %)	644.01	23.8 %	404.61	32.2 %	0.90
2011	4,475.97	37.1 %	782.27	21.5 %	528.52	30.6 %	1.17
2012	857.88	(80.8 %)	(478.86)	(161.2 %)	538.67	1.9 %	1.20
2013	4,436.68	417.2 %	726.52	251.7 %	714.08	32.6 %	1.59
2014	7,858.52	77.1 %	2,299.06	216.5 %	933.33	30.7 %	2.07
2015	7,304.17	(7.1 %)	2,481.77	7.9 %	727.14	(22.1 %)	1.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	39.51 %	38.74 %	29.50 %
Q2 2007	38.80 %	38.54 %	24.55 %
Q3 2007	38.61 %	35.55 %	33.75 %
Q4 2007	32.71 %	32.50 %	29.98 %
2007	32.71 %	32.50 %	29.98 %
Q1 2008	31.59 %	30.77 %	28.04 %
Q2 2008	31.11 %	29.58 %	26.40 %
Q3 2008	21.90 %	21.63 %	16.80 %
Q4 2008	7.16 %	7.85 %	2.28 %
2008	7.16 %	7.85 %	2.28 %
Q1 2009	(0.45 %)	1.34 %	(6.87 %)
Q2 2009	(2.96 %)	0.10 %	(9.67 %)
Q3 2009	4.18 %	6.66 %	(1.87 %)
Q4 2009	13.83 %	15.45 %	8.14 %
2009	13.83 %	15.45 %	8.14 %
Q1 2010	17.64 %	19.16 %	11.92 %
Q2 2010	17.81 %	19.76 %	11.39 %
Q3 2010	19.53 %	20.17 %	10.62 %
Q4 2010	20.75 %	21.46 %	12.39 %
2010	19.72 %	21.46 %	12.39 %
Q1 2011	21.39 %	22.05 %	14.00 %
Q2 2011	21.46 %	22.04 %	15.34 %
Q3 2011	19.69 %	20.24 %	15.22 %
Q4 2011	17.48 %	18.10 %	11.81 %
2011	17.48 %	18.10 %	11.81 %
Q1 2012	14.55 %	14.24 %	14.86 %
Q2 2012	12.64 %	8.51 %	20.46 %
Q3 2012	7.66 %	(1.85 %)	58.64 %
Q4 2012	(55.82 %)	(57.34 %)	62.79 %
2012	(55.82 %)	(57.34 %)	62.79 %
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 %
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 %
2014	29.26 %	29.50 %	11.88 %
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 %
2015	33.98 %	35.22 %	9.96 %
Q1 2016	34.30 %	36.38 %	8.76 %
Q2 2016	33.53 %	35.93 %	6.45 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	40.32 %	39.28 %	37.29 %
2007	32.71 %	32.50 %	29.98 %
2008	7.16 %	7.85 %	2.28 %
2009	13.83 %	15.45 %	8.14 %
2010	19.72 %	21.46 %	12.39 %
2011	17.48 %	18.10 %	11.81 %
2012	(55.82 %)	(57.34 %)	62.79 %
2013	16.38 %	21.95 %	16.09 %
2014	29.26 %	29.50 %	11.88 %
2015	33.98 %	35.22 %	9.96 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	33.14 %	33.87 %	33.44 %
Q2 2007	35.34 %	36.80 %	34.28 %
Q3 2007	34.59 %	31.38 %	30.59 %
Q4 2007	28.07 %	29.37 %	23.85 %
Q1 2008	29.21 %	27.32 %	24.89 %
Q2 2008	32.22 %	30.38 %	26.23 %
Q3 2008	0.13 %	1.90 %	(5.39 %)
Q4 2008	(50.92 %)	(44.43 %)	(53.98 %)
Q1 2009	(0.25 %)	2.30 %	(11.49 %)
Q2 2009	15.32 %	17.93 %	8.42 %
Q3 2009	15.85 %	16.89 %	11.34 %
Q4 2009	15.80 %	16.97 %	11.79 %
Q1 2010	25.14 %	26.73 %	16.49 %
Q2 2010	15.59 %	21.11 %	4.19 %
Q3 2010	23.34 %	16.54 %	7.21 %
Q4 2010	18.94 %	20.37 %	17.21 %
Q1 2011	26.07 %	27.31 %	20.52 %
Q2 2011	18.23 %	21.44 %	12.91 %
Q3 2011	16.03 %	12.93 %	10.94 %
Q4 2011	7.66 %	9.65 %	0.53 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	(55.82 %)	(45.40 %)	2.45 %
Q1 2013	25.02 %	37.29 %	8.69 %
Q2 2013	19.48 %	26.60 %	20.12 %
Q3 2013	(3.47 %)	2.77 %	19.78 %
Q4 2013	24.90 %	25.68 %	13.66 %
Q1 2014	26.68 %	28.43 %	15.25 %
Q2 2014	28.54 %	28.92 %	10.68 %
Q3 2014	34.24 %	32.93 %	19.28 %
Q4 2014	27.50 %	27.86 %	3.81 %
Q1 2015	24.82 %	24.66 %	7.10 %
Q2 2015	37.53 %	38.99 %	17.24 %
Q3 2015	39.64 %	41.67 %	10.83 %
Q4 2015	33.01 %	34.58 %	3.33 %
Q1 2016	25.61 %	29.01 %	1.75 %
Q2 2016	34.92 %	37.61 %	9.22 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	384.78	1.36	1.36	7.74
Q2 2007	384.78	1.37	1.37	7.49
Q3 2007	384.78	1.26	1.26	7.86
Q4 2007	384.78	1.14	1.14	8.12
Q1 2008	450.00	1.13	1.13	12.25
Q2 2008	450.00	1.20	1.20	12.10
Q3 2008	450.00	0.81	0.81	12.03
Q4 2008	450.00	0.11	0.11	11.55
Q1 2009	450.00	(0.31)	(0.31)	11.44
Q2 2009	450.00	(0.50)	(0.50)	11.60
Q3 2009	450.00	(0.12)	(0.12)	11.90
Q4 2009	450.00	0.68	0.68	12.23
Q1 2010	450.00	1.11	1.11	12.55
Q2 2010	450.00	1.01	1.01	12.10
Q3 2010	450.00	0.81	0.81	12.21
Q4 2010	450.00	0.90	0.90	12.62
Q1 2011	450.00	1.10	1.10	13.14
Q2 2011	450.00	1.37	1.37	12.97
Q3 2011	450.00	1.58	1.58	13.28
Q4 2011	450.00	1.17	1.17	13.30
Q1 2012	450.00	1.10	1.10	13.74
Q2 2012	450.00	1.00	1.00	12.96
Q3 2012	450.00	1.16	1.16	13.44
Q4 2012	450.00	1.20	1.20	13.49
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	384.78	1.53	1.53	7.57
2007	384.78	1.14	1.14	8.12
2008	450.00	0.11	0.11	11.55
2009	450.00	0.68	0.68	12.23
2010	450.00	0.90	0.90	12.62
2011	450.00	1.17	1.17	13.30
2012	450.00	1.20	1.20	13.49
2013	450.00	1.59	1.59	14.07
2014	450.00	2.07	2.07	15.14
2015	450.00	1.62	1.62	15.75

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	28.87	28.87	5.07
Q2 2007	31.08	31.08	5.66
Q3 2007	36.41	36.41	5.83
Q4 2007	67.86	67.86	9.50
Q1 2008	46.48	46.48	4.28
Q2 2008	52.76	52.76	5.23
Q3 2008	50.13	50.13	3.36
Q4 2008	More than 100	More than 100	1.46
Q1 2009	NEG	NEG	1.79
Q2 2009	NEG	NEG	2.73
Q3 2009	NEG	NEG	3.24
Q4 2009	53.65	53.65	2.98
Q1 2010	33.07	33.07	2.92
Q2 2010	29.00	29.00	2.41
Q3 2010	38.33	38.33	2.53
Q4 2010	40.57	40.57	2.89
Q1 2011	35.30	35.30	2.96
Q2 2011	28.29	28.29	2.98
Q3 2011	20.62	20.62	2.46
Q4 2011	27.13	27.13	2.40
Q1 2012	37.66	37.66	3.02
Q2 2012	34.23	34.23	2.64
Q3 2012	33.16	33.16	2.86
Q4 2012	31.74	31.74	2.82
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

Period	P/E	Adjusted P/E	Price/book
2006	26.70	26.70	5.38
2007	67.86	67.86	9.50
2008	More than 100	More than 100	1.46
2009	53.65	53.65	2.98
2010	40.57	40.57	2.89
2011	27.13	27.13	2.40
2012	31.74	31.74	2.82
2013	34.25	34.25	3.86
2014	20.57	20.57	2.82
2015	14.34	14.34	1.47

Business Segments (Million)

Compared With The

Period	Saudi Chevron Phillips Company	Jubail Chevron Phillips	Petrochem	Consolidation adjustments & eliminations
Q1 2010	660.38	671.78	-	(469.94)
Q2 2010	500.98	427.03	-	(256.44)
Q3 2010	541.08	508.71	-	(412.35)
Q4 2010	3,387.92	3,205.90	-	(5499.40)
Q1 2011	883.35	886.00	-	(630.63)
Q2 2011	2,752.91	2,746.05	-	(4360.93)
Q3 2011	1,945.40	1,870.74	-	(2507.78)
Q4 2011	1,497.44	1,530.82	-	(2137.40)
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	-

Period	Saudi Chevron Phillips Company	Jubail Chevron Phillips	Petrochem	Consolidation adjustments & eliminations
2009	3,859.73	3,661.09	-	(3760.41)
2010	5,090.35	4,813.41	-	(6638.14)
2011	7,079.10	7,033.61	-	(9636.74)
2012	-	-	857.88	-
2013	-	-	4,436.68	-
2014	-	-	7,858.52	-
2015	-	-	7,304.17	-

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	121.48	151.47	24.69 %

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
SNB Capital	146.00	151.47	3.7 %
Sico	133.00	151.47	13.9 %
OSOOL AND BAKHEET	103.90	151.47	45.8 %
Riyad Capital	103.00	151.47	47.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	16,198.01
Enterprise Value (EV) (M)	15,635.45
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)	42.49
P/E (TTM)	42.49
Price/book	1.61
Return on Average Assets (%) (TTM)	3.6
Return on Average Equity (%) (TTM)	3.7

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SIIG’s H1 net profit falls 35% to SAR 304 mln

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Share Price

Saudi Industrial Investment Group (SIIG)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

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SIIG’s H1 net profit falls 35% to SAR 304 mln

View other reports

Share Price

Saudi Industrial Investment Group (SIIG)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2016

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)