SIIG 2023 profit down 60% to SAR 112M; Q4 at SAR 11M

01/02/2024 Argaam Exclusive

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Share Price

Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group (SIIG) reported a decline of 60% in net profit to SAR 112 million for 2023, compared to SAR 277 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Operating Income	(71.97)	(63.03)	12.4 %
Net Income	277.44	112.20	(59.6 %)
Average Shares	678.60	754.80	11.2 %
EPS (Riyals)	0.41	0.15	(63.6 %)

The profit decline was attributed to a decrease in SIIG’s share of profit in joint ventures due to the unplanned shutdown of Saudi Polymer Co. and lower selling prices.

The company, however, reported an increase in Murabaha income and a decrease in general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Operating Income	(19.47)	(19.50)	(0.2 %)
Net Income	(296.44)	11.24	103.8 %
Average Shares	678.60	754.80	11.2 %
EPS (Riyals)	(0.44)	0.01	103.4 %

Item	Q3 2023	Q4 2023	Change‬
Operating Income	(21.84)	(19.50)	10.7 %
Net Income	222.35	11.24	(94.9 %)
Average Shares	754.80	754.80	-
EPS (Riyals)	0.29	0.01	(94.9 %)

In Q4 2023, the company turned to a net profit of SAR 11 million against a net loss of SAR 296.44 million a year ago due to a higher share of profit in the joint ventures, which reported a profit compared to a loss in Q4 2022, on the scheduled turnaround maintenance for Saudi Polymer Co.

Compared to the previous quarter, net profit fell 95% from SAR 222.35 million in Q3 2023.

Total shareholders’ equity, excluding minority interest, increased to SAR 10.02 billion as of Dec. 31, 2023, from SAR 10.68 billion a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2019	1,869.64	(14.4 %)	414.40	(9.0 %)	62.68	143.9 %	0.14
2019	7,655.53	(14.3 %)	1,882.86	(29.8 %)	606.27	(29.9 %)	1.35
Q1 2020	1,572.92	(22.1 %)	246.83	(52.3 %)	(173.91)	(197.6 %)	(0.39)
Q2 2020	1,345.88	(18.5 %)	(121.69)	(126.5 %)	(54.94)	(126.8 %)	(0.12)
Q3 2020	-	-	-	-	85.48	(46.7 %)	0.19
Q4 2020	-	-	-	-	235.02	274.9 %	0.52
2020	-	-	-	-	91.65	(84.9 %)	0.20
Q1 2021	-	-	-	-	305.41	275.6 %	0.68
Q2 2021	-	-	-	-	505.26	1019.7 %	1.12
Q3 2021	-	-	-	-	203.95	138.6 %	0.45
Q4 2021	-	-	-	-	121.65	(48.2 %)	0.27
2021	-	-	-	-	1,136.27	1139.9 %	2.53
Q1 2022	-	-	-	-	234.88	(23.1 %)	0.35
Q2 2022	-	-	-	-	284.20	(43.8 %)	0.42
Q3 2022	-	-	-	-	54.80	(73.1 %)	0.08
Q4 2022	-	-	-	-	(296.44)	(343.7 %)	(0.44)
2022	-	-	-	-	277.44	(75.6 %)	0.41
Q1 2023	-	-	-	-	(241.50)	(202.8 %)	(0.32)
Q2 2023	-	-	-	-	120.11	(57.7 %)	0.16
Q3 2023	-	-	-	-	222.35	305.7 %	0.29
Q4 2023	-	-	-	-	11.24	103.8 %	0.01
2023	-	-	-	-	112.20	(59.6 %)	0.15

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2019	7,655.53	(14.3 %)	1,882.86	(29.8 %)	606.27	(29.9 %)	1.35
2020	-	-	-	-	91.65	(84.9 %)	0.20
2021	-	-	-	-	1,136.27	1139.9 %	2.53
2022	-	-	-	-	277.44	(75.6 %)	0.41
2023	-	-	-	-	112.20	(59.6 %)	0.15

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2019	25.11 %	34.52 %	7.93 %
2019	24.59 %	28.13 %	7.77 %
Q1 2020	22.87 %	33.28 %	3.44 %
Q2 2020	15.28 %	26.35 %	1.62 %
Q3 2020	11.27 %	-	0.72 %
Q4 2020	4.29 %	-	7.49 %
2020	-	-	-
Q1 2021	(9.04 %)	-	51.86 %
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
2023	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2019	24.59 %	28.13 %	7.77 %
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2019	22.16 %	49.41 %	2.72 %
Q1 2020	15.69 %	21.51 %	(11.06 %)
Q2 2020	(9.04 %)	(2.09 %)	5.35 %
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2019	450.00	1.35	1.32	15.10
Q1 2020	450.00	0.56	0.54	14.71
Q2 2020	450.00	(0.01)	0.24	14.09
Q3 2020	450.00	(0.18)	0.08	14.28
Q4 2020	450.00	0.20	0.49	14.25
Q1 2021	450.00	1.27	1.55	14.93
Q2 2021	450.00	2.51	2.51	15.55
Q3 2021	450.00	2.78	2.78	16.00
Q4 2021	450.00	2.53	2.53	16.29
Q1 2022	678.60	1.57	1.57	16.81
Q2 2022	678.60	1.24	1.24	15.10
Q3 2022	678.60	1.02	1.02	15.30
Q4 2022	678.60	0.41	0.41	14.16
Q1 2023	754.80	(0.26)	(0.26)	13.84
Q2 2023	754.80	(0.48)	(0.48)	14.00
Q3 2023	754.80	(0.26)	(0.26)	13.79
Q4 2023	754.80	0.15	0.15	13.28

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2019	450.00	1.35	1.32	15.10
2020	450.00	0.20	0.49	14.25
2021	450.00	2.53	2.53	16.29
2022	678.60	0.41	0.41	14.16
2023	754.80	0.15	0.15	13.28

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2019	29.88	30.47	2.67
Q1 2020	46.87	49.14	1.80
Q2 2020	NEG	More than 50	2.40
Q3 2020	NEG	More than 50	2.73
Q4 2020	More than 50	More than 50	3.23
Q1 2021	42.96	35.15	3.65
Q2 2021	23.35	23.35	3.78
Q3 2021	24.64	24.64	4.28
Q4 2021	20.69	20.69	3.21
Q1 2022	24.79	24.79	3.49
Q2 2022	25.47	25.47	1.89
Q3 2022	24.81	24.81	1.49
Q4 2022	More than 50	More than 50	1.55
Q1 2023	NEG	NEG	1.81
Q2 2023	NEG	NEG	1.89
Q3 2023	NEG	NEG	1.72
Q4 2023	More than 50	More than 50	1.67

Period	P/E	Adjusted P/E	Price/book
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
2019	29.88	30.47	2.67
2020	More than 50	More than 50	3.23
2021	17.35	17.35	3.21
2022	More than 50	More than 50	1.55
2023	More than 50	More than 50	1.67

Business Segments (Million)

Compared With The

Period	Saudi Chevron Phillips Company	Jubail Chevron Phillips	Petrochem	Consolidation adjustments & eliminations
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
2013	-	-	4,436.68	-
2014	-	-	7,858.52	-
2015	-	-	7,304.17	-
2016	-	-	6,066.51	-
2017	-	-	7,363.81	-

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	155.59	11.24	(92.8 %)

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
SNB Capital	89.00	11.24	(87.4) %
Riyad Capital	153.00	11.24	(92.7) %
Goldman Sachs	181.15	11.24	(93.8) %
U-Capital	199.20	11.24	(94.4) %

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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SIIG 2023 profit down 60% to SAR 112M; Q4 at SAR 11M

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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) 2023 Q4

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Analysts Estimates (Million)

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SIIG 2023 profit down 60% to SAR 112M; Q4 at SAR 11M

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) Q1 2018

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)