Saudi Industrial Investment Group’s net profit doubles in H1

09/08/2017 Argaam Exclusive

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Share Price

Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group’s (SIIG) net profit for the first half of this year has more than doubled to SAR 380 million, compared to the same period last year due to a decrease in financing payment to subsidiary, Petrochemical Conversion Co. (PCC), ceasing to recognize its share in PCC’s accumulated losses, lower zakat, and higher other income.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	3,302.17	3,439.38	4.2 %
Gross Income	998.67	923.23	(7.6 %)
Operating Income	698.29	609.54	(12.7 %)
Net Income	180.55	379.80	110.4 %
Average Shares	450.00	450.00	-
EPS (Riyals)	0.40	0.84	110.4 %

The company’s net profit in Q2 more than halved YoY to SAR 70 million on the back of a decrease in profits from projects due to scheduled maintenance, lower profits from National Petrochemical Company (Petrochem), and higher finance charges of Petrochem.

Net profit in Q2 declined by 77 percent compared to the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	1,642.22	1,754.11	6.8 %
Gross Income	573.53	420.83	(26.6 %)
Operating Income	420.61	258.09	(38.6 %)
Net Income	151.47	70.25	(53.6 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	0.34	0.16	(53.6 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	1,685.27	1,754.11	4.1 %
Gross Income	502.40	420.83	(16.2 %)
Operating Income	351.46	258.09	(26.6 %)
Net Income	309.54	70.25	(77.3 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	0.69	0.16	(77.3 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	82.78	(88.6 %)	0.18
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2016	6,066.51	(16.9 %)	1,608.99	(35.2 %)	82.78	(88.6 %)	0.18

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2016	32.07 %	34.63 %	5.62 %
Q4 2016	26.52 %	30.20 %	5.88 %
2016	26.52 %	30.20 %	5.88 %
Q1 2017	27.68 %	31.75 %	10.46 %
Q2 2017	24.72 %	29.05 %	8.96 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2016	26.52 %	30.20 %	5.88 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2016	34.88 %	37.45 %	8.29 %
Q4 2016	4.46 %	11.45 %	3.74 %
Q1 2017	29.81 %	34.63 %	18.37 %
Q2 2017	23.99 %	27.69 %	4.00 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2016	450.00	0.18	0.79	13.37

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	46.48	46.48	4.28
Q2 2008	More than 50	More than 50	5.23
Q3 2008	More than 50	More than 50	3.36
Q4 2008	More than 50	More than 50	1.46
Q1 2009	NEG	NEG	1.79
Q2 2009	NEG	NEG	2.73
Q3 2009	NEG	NEG	3.24
Q4 2009	More than 50	More than 50	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
Q3 2016	More than 50	26.17	1.61
Q4 2016	More than 50	39.92	2.37
Q1 2017	42.83	24.41	2.46
Q2 2017	More than 50	26.78	2.41

Period	P/E	Adjusted P/E	Price/book
2007	More than 50	More than 50	9.50
2008	More than 50	More than 50	1.46
2009	More than 50	More than 50	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
2016	More than 50	39.92	2.37

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	-
Q3 2016	-	-	1,601.00	-
Q4 2016	-	-	1,163.33	-
Q1 2017	-	-	1,685.27	-
Q2 2017	-	-	1,754.11	-

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	-
2016	-	-	6,066.51	-

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	158.00	70.25	(55.5 %)

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
Sico	145.00	70.25	(51.6) %
HSBC	150.00	70.25	(53.2) %
SNB Capital	163.00	70.25	(56.9) %
Riyad Capital	174.00	70.25	(59.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	16,650.89
Enterprise Value (EV) (M)	16,088.33
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)	43.68
P/E (TTM)	43.68
Price/book	1.66
Return on Average Assets (%) (TTM)	3.6
Return on Average Equity (%) (TTM)	3.7

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Saudi Industrial Investment Group’s net profit doubles in H1

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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) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

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Saudi Industrial Investment Group’s net profit doubles in H1

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 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)