SIIG’s net profit down 35% in 9M 2019

28/10/2019 Argaam Exclusive

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Share Price

Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group (SIIG) reported a net profit of SAR 544 million for the first nine months of 2019, a 35.2 percent year-on-year (YoY) drop compared to the same period last year.

The decline in profit was attributed to the lower share of profit of the projects managed jointly (SCP, JCP) as a result of a decrease in the prices of the product, the company said in a bourse filing.

SIIG’s share of profit of the National Petrochemical Company (Petrochem) has also decreased in the current period.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	6,747.17	5,628.85	(16.6 %)
Gross Income	2,227.95	1,468.46	(34.1 %)
Operating Income	1,724.38	1,013.57	(41.2 %)
Net Income	839.21	543.59	(35.2 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	1.86	1.21	(35.2 %)

The company posted a net profit of SAR 160 million for Q3 2019, a 49.8 percent YoY drop due to lower share of profit of the projects managed jointly (SCP, JCP).

SIIG’s share of profit of the National Petrochemical Company (Petrochem) has also decreased in the current quarter.

When compared to the previous quarter, the net profit for Q3 fell 21.95 percent on lower share of profit of the projects managed jointly (SCP, JCP) and of the National Petrochemical Company (Petrochem), in addition to lower other income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	2,297.25	1,957.97	(14.8 %)
Gross Income	742.47	491.15	(33.8 %)
Operating Income	572.13	327.45	(42.8 %)
Net Income	318.77	160.27	(49.7 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	0.71	0.36	(49.7 %)

Item	Q2 2019	Q3 2019	Change‬
Revenues	1,650.76	1,957.97	18.6 %
Gross Income	459.89	491.15	6.8 %
Operating Income	323.07	327.45	1.4 %
Net Income	205.11	160.27	(21.9 %)
Average Shares	450.00	450.00	-
EPS (Riyals)	0.46	0.36	(21.9 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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
2017	7,363.81	21.4 %	2,263.52	40.7 %	1,004.06	1112.9 %	2.23
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
2018	8,930.41	21.3 %	2,683.11	18.5 %	864.91	(13.9 %)	1.92
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2017	7,363.81	21.4 %	2,263.52	40.7 %	1,004.06	1112.9 %	2.23
2018	8,930.41	21.3 %	2,683.11	18.5 %	864.91	(13.9 %)	1.92

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	24.02 %	28.83 %	10.22 %
Q4 2017	30.74 %	34.15 %	12.36 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	30.74 %	34.15 %	12.36 %
2018	30.04 %	34.67 %	7.59 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2017	31.45 %	35.91 %	12.90 %
Q4 2017	36.34 %	37.57 %	14.01 %
Q1 2018	34.52 %	37.34 %	9.00 %
Q2 2018	32.26 %	34.35 %	14.35 %
Q3 2018	32.32 %	34.45 %	13.88 %
Q4 2018	20.85 %	32.54 %	(7.38 %)
Q1 2019	25.61 %	28.71 %	8.82 %
Q2 2019	27.86 %	32.76 %	12.43 %
Q3 2019	25.08 %	27.77 %	8.19 %

Per Share Data (Riyal)

Compared With The

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	450.00	2.23	2.02	14.59
2018	450.00	1.92	1.51	15.33

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
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
2017	14.40	15.89	2.20
2018	19.97	25.47	2.50

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	-
Q3 2017	-	-	1,755.30	-
Q4 2017	-	-	2,169.13	-
Q1 2018	-	-	2,210.53	-

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	-
2017	-	-	7,363.81	-

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	170.00	160.27	(5.7 %)

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
SNB Capital	170.00	160.27	(5.7) %

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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SIIG’s net profit down 35% in 9M 2019

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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) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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SIIG’s net profit down 35% in 9M 2019

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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) Q1 2018

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)