SIIG posts 30% profit drop in FY19

28/01/2020 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 606 million for the fiscal year 2019, a fall of 30% year-on-year (YoY), due to a decline in other income and the group’s profit share from joint ventures.

 

SIIG reported a lower profit share from Saudi Chevron Phillips (SCP) and Jubail Chevron Phillips (JCP) to SAR 274 million, compared to SAR 312 million a year earlier.

 

SIIG’s profit share from National Petrochemical Company (Petrochem) also decreased in the current period to SAR 337 million.



Financials (M)

Item 2018 2019 Change‬
Revenues 8,930.41 7,655.53 (14.3 %)
Gross Income 2,683.11 1,882.86 (29.8 %)
Operating Income 1,980.59 1,266.64 (36.0 %)
Net Income 864.91 606.27 (29.9 %)
Average Shares 450.00 450.00 -
Earnings Per Share before unusual items (Riyals) 1.51 1.32 (12.3 %)
EPS (Riyals) 1.92 1.35 (29.9 %)

The fourth quarter net profit after Zakat and tax more than doubled YoY to SAR 62.41 million, driven by a decline in SIIG’s loss share from SCP and JCP to SAR 11 million, due to a scheduled shutdown for SCP in Q4 2019.

 

In addition, the quarterly figures were bolstered by lower selling, general and administrative expenses, as well as financing costs.

 

When compared to the previous quarter, net profit tumbled 61.3%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 2,183.25 1,869.64 (14.4 %)
Gross Income 455.16 414.40 (9.0 %)
Operating Income 256.20 253.08 (1.2 %)
Net Income 25.70 62.68 143.9 %
Average Shares 450.00 450.00 -
Earnings Per Share before unusual items (Riyals) (0.36) 0.11 131.6 %
EPS (Riyals) 0.06 0.14 143.9 %

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Share Price

Saudi Industrial Investment Group
15.64
0.18 1.16 %

Saudi Industrial Investment Group (SIIG)

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Financial Ratios
Current
Market Cap (M Riyal) 11,805.07
Enterprise Value (EV) (M) 10,855.85
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) 58.66
Price/book 1.20
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 2.0
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