SIIG posts higher net profit at SAR 471 mln in I2 of 2014

20/07/2014 Argaam Exclusive

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Share Price

Saudi Industrial Investment Group
22.48
0.72 3.31 %

Saudi Industrial Investment Group (SIIG)

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Saudi Industrial Investment Group (SIIG), a petrochemicals producer, reported SAR 471 mln net profit at the end of the first half of 2014, a 62% increase compared to the same period last year.



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 1,833.33 3,675.77 100.5 %
Gross Income 395.24 1,017.15 157.3 %
Operating Income 140.25 641.19 357.2 %
Net Income 290.10 470.77 62.3 %
Average Shares 450.00 450.00 -
EPS (Riyals) 0.64 1.05 62.3 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 1,144.23 1,965.81 71.8 %
Gross Income 222.85 560.99 151.7 %
Operating Income 80.98 362.13 347.2 %
Net Income 230.21 210.04 (8.8 %)
Average Shares 450.00 450.00 -
EPS (Riyals) 0.51 0.47 (8.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 - - - - 128.60 109.5 % 0.33
Q2 2005 - - - - 75.89 (32.7 %) 0.20
Q3 2005 891.77 - 351.03 - 134.81 (36.8 %) 0.35
Q4 2005 266.70 - 60.35 - 75.48 (55.7 %) 0.20
Q1 2006 - - - - 130.61 1.6 % 0.34
Q2 2006 - - - - 123.42 62.6 % 0.32
Q3 2006 1,178.80 32.2 % 439.97 25.3 % 185.81 37.8 % 0.48
Q4 2006 395.13 48.2 % 194.71 222.6 % 147.12 94.9 % 0.38
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
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)
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
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
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
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
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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 39.36 % 40.93 % 57.14 %
Q4 2005 35.51 % 39.11 % 34.72 %
Q1 2006 35.51 % 39.12 % 34.89 %
Q2 2006 35.51 % 38.97 % 39.00 %
Q3 2006 34.61 % 37.25 % 34.78 %
Q4 2006 40.32 % 39.28 % 37.29 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2014 18.51 % 22.04 % 16.76 %
Q2 2014 21.47 % 23.36 % 14.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 384.78 1.62 1.62 5.31
Q2 2005 384.78 1.53 1.53 5.51
Q3 2005 384.78 1.32 1.32 5.86
Q4 2005 384.78 1.08 1.05 6.05
Q1 2006 384.78 1.08 1.05 6.39
Q2 2006 384.78 1.21 1.17 6.71
Q3 2006 384.78 1.34 1.31 7.19
Q4 2006 384.78 1.53 1.53 7.57
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 More than 50 More than 50 20.63
Q2 2005 More than 50 More than 50 21.00
Q3 2005 More than 50 More than 50 23.10
Q4 2005 More than 50 More than 50 23.73
Q1 2006 More than 50 More than 50 19.16
Q2 2006 More than 50 More than 50 13.42
Q3 2006 More than 50 More than 50 10.25
Q4 2006 26.70 26.70 5.38
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 More than 50 More than 50 9.50
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

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 -


Financial Ratios
Current
Market Cap (M Riyal) 16,967.90
Enterprise Value (EV) (M) 16,405.34
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) 44.51
P/E (TTM) 44.51
Price/book 1.69
Return on Average Assets (%) (TTM) 3.6
Return on Average Equity (%) (TTM) 3.7
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