SIIG 2024 profit jumps 79% to SAR 201M; Q4 at SAR 11M on Zakat provision reversal

06/02/2025 Argaam Exclusive

Saudi Industrial Investment Group’s (SIIG) net profit rose by 79% SAR 201 million for 2024, compared to SAR 112 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Operating Income 125.00 115.00 (8.0 %)
Net Income 112.00 201.00 79.5 %
Average Shares 754.80 754.80 -
Earnings Per Share before unusual items 0.15 0.15 (0.9 %)
EPS (Riyals) 0.15 0.27 79.5 %

Zakat expenses decreased in 2024 due to the reversal of Zakat provisions amounting to SAR 99 million, related to previous years. This occurred after the resolution of Zakat cases in 2024 and the company being notified by the authority regarding the due amounts.

 

In addition, profit share from joint ventures (JVs) edged up on higher sales volumes, despite scheduled maintenance activities in Q1 for Saudi Chevron Phillips and Jubail Chevron Phillips projects, as well as an unscheduled shutdown in Q4 for Saudi Polymers Co. (SPCo).

 

SIIG reported higher energy and feedstock costs and returns from Murabaha agreements decreased.

 

Since SIIG follows the equity method when accounting for its investments in JVs, “sales/revenue and gross profit” do not appear in its financial statement.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Operating Income 24.00 (89.00) (470.8 %)
Net Income 11.00 11.00 -
Average Shares 754.80 754.80 -
Earnings Per Share before unusual items 0.01 (0.10) (818.2 %)
EPS (Riyals) 0.01 0.01 -

The Q4 2024 net profit remained unchanged at SAR 11 million, compared to the prior-year period due to the reversal of Zakat provisions amounting to SAR 90 million, related to previous years, after the resolution of Zakat cases.

 

On a quarterly basis, net earnings plunged 88.8% from SAR 98.09 million in Q3 2024, as SIIG’s share of profit in its JV investments decreased because of the unscheduled turnaround maintenance at SPCo.

 

Total shareholders’ equity, after minority interest, declined to SAR 9.83 billion as of Dec. 31, 2024, from SAR 10.02 billion a year earlier.

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Quarterly Actuals vs Estimates 05/02/2025

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Share Price

Saudi Industrial Investment Group
17.42
(0.28) (1.58 %)

Saudi Industrial Investment Group (SIIG)

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Financial Ratios
Current
Market Cap (M Riyal) 13,148.62
Enterprise Value (EV) (M) 12,693.67
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) More than 100
Price/book 1.34
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 2.0
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