Financial Results : SIIG’s net profit slides 31% in 9M 2016

SIIG’s net profit slides 31% in 9M 2016

20/10/2016 Argaam Exclusive

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Saudi Industrial Investment Group, which produces benzene and styrene, reported a net profit of SAR 466 million for the first nine months of 2016, a 31 percent decline compared to the same period last year on a decline in the company’s profit from jointly managed projects due to lower sales price, and higher feedstock and electricity costs.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 5,649.48 4,903.18 (13.2 %)
Gross Income 1,935.53 1,557.07 (19.6 %)
Operating Income 1,382.50 1,097.04 (20.6 %)
Net Income 671.97 39.27 (94.2 %)
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyals) 1.66 0.77 (53.4 %)
EPS (Riyal) 1.66 0.10 (94.2 %)

Third quarter’s net profit of SAR 163 million came 21 percent lower YoY, and 25 percent quarter-on-quarter due to the decrease in SIIG’s income from National Petrochemical Company (Petrochem), which also saw lower profit due to lower selling prices and higher general and admin costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 1,911.70 1,601.00 (16.3 %)
Gross Income 757.82 558.40 (26.3 %)
Operating Income 589.85 398.76 (32.4 %)
Net Income 207.12 (141.28) (168.2 %)
Average Shares 405.00 405.00 -
Earnings Per Share before unusual items (Riyal) 0.51 0.33 (35.9 %)
EPS (Riyal) 0.51 (0.35) (168.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 201.45 - 66.76 - 53.14 4258.1 %
Q2 2007 364.51 - 128.81 - 115.50 4078.7 %
Q3 2007 475.49 (59.7 %) 164.45 (62.6 %) 132.77 (67.8 %)
Q4 2007 417.67 5.7 % 117.25 (39.8 %) 97.86 (30.5 %)
Q1 2008 552.12 174.1 % 161.25 141.5 % 129.72 144.1 %
Q2 2008 600.53 64.8 % 193.51 50.2 % 137.57 19.1 %
Q3 2008 588.95 23.9 % 0.77 (99.5 %) (45.43) (134.2 %)
Q4 2008 397.36 (4.9 %) (202.32) (272.5 %) (232.19) (337.3 %)
Q1 2009 439.56 (20.4 %) (1.12) (100.7 %) (35.39) (127.3 %)
Q2 2009 878.00 46.2 % 134.52 (30.5 %) 106.99 (22.2 %)
Q3 2009 1,203.46 104.3 % 190.80 24583.2 % 147.68 425.1 %
Q4 2009 1,239.39 211.9 % 195.83 196.8 % 146.52 163.1 %
Q1 2010 862.22 96.2 % 216.77 19489.4 % 180.14 609.1 %
Q2 2010 671.56 (23.5 %) 104.72 (22.2 %) 71.22 (33.4 %)
Q3 2010 637.43 (47.0 %) 148.75 (22.0 %) 73.00 (50.6 %)
Q4 2010 1,094.42 (11.7 %) 207.25 5.8 % 176.30 20.3 %
Q1 2011 1,138.73 32.1 % 296.82 36.9 % 254.77 41.4 %
Q2 2011 1,138.03 69.5 % 207.47 98.1 % 161.27 126.4 %
Q3 2011 1,308.36 105.3 % 209.77 41.0 % 158.26 116.8 %
Q4 2011 890.85 (18.6 %) 68.21 (67.1 %) 18.70 (89.4 %)
Q1 2012 - - - - (24.77) (109.7 %)
Q2 2012 - - - - (44.07) (127.3 %)
Q3 2012 - - - - (34.52) (121.8 %)
Q4 2012 857.88 (3.7 %) (478.86) (802.0 %) (590.59) (3258.1 %)
Q1 2013 689.10 - 172.39 - 59.28 339.3 %
Q2 2013 1,144.23 - 222.85 - 80.98 283.7 %
Q3 2013 1,117.37 - (38.76) - (172.93) (400.9 %)
Q4 2013 1,485.97 73.2 % 370.03 177.3 % 187.08 131.7 %
Q1 2014 1,709.95 148.1 % 456.16 164.6 % 279.07 370.8 %
Q2 2014 1,965.81 71.8 % 560.99 151.7 % 362.13 347.2 %
Q3 2014 1,952.47 74.7 % 668.53 1824.9 % 450.46 360.5 %
Q4 2014 2,230.28 50.1 % 613.39 65.8 % 401.27 114.5 %
Q1 2015 1,770.75 3.6 % 439.57 (3.6 %) 230.48 (17.4 %)
Q2 2015 1,967.02 0.1 % 738.14 31.6 % 562.17 55.2 %
Q3 2015 1,911.70 (2.1 %) 757.82 13.4 % 589.85 30.9 %
Q4 2015 1,654.69 (25.8 %) 546.25 (10.9 %) 367.78 (8.3 %)
Q1 2016 1,659.96 (6.3 %) 425.14 (3.3 %) 277.67 20.5 %
Q2 2016 1,642.22 (16.5 %) 573.53 (22.3 %) 420.61 (25.2 %)
Q3 2016 1,601.00 (16.3 %) 558.40 (26.3 %) 398.76 (32.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2007 67.36 (48.4 %) 0.19 - 67.36 0.19
Q2 2007 124.95 1.2 % 0.36 - 124.95 0.36
Q3 2007 145.45 (21.7 %) 0.42 - 145.45 0.42
Q4 2007 99.62 (32.3 %) 0.29 - 99.62 0.29
Q1 2008 137.44 104.0 % 0.34 - 137.44 0.34
Q2 2008 157.53 26.1 % 0.39 - 157.53 0.39
Q3 2008 (31.73) (121.8 %) (0.08) - (31.73) (0.08)
Q4 2008 (214.49) (315.3 %) (0.53) - (214.49) (0.53)
Q1 2009 (50.49) (136.7 %) (0.12) - (50.49) (0.12)
Q2 2009 73.92 (53.1 %) 0.18 - 73.92 0.18
Q3 2009 136.49 530.2 % 0.34 - 136.49 0.34
Q4 2009 146.08 168.1 % 0.36 - 146.08 0.36
Q1 2010 142.18 381.6 % 0.35 - 142.18 0.35
Q2 2010 28.14 (61.9 %) 0.07 - 28.14 0.07
Q3 2010 45.96 (66.3 %) 0.11 - 45.96 0.11
Q4 2010 188.34 28.9 % 0.47 - 188.34 0.47
Q1 2011 233.63 64.3 % 0.58 - 233.63 0.58
Q2 2011 146.97 422.4 % 0.36 - 146.97 0.36
Q3 2011 143.15 211.5 % 0.35 - 143.15 0.35
Q4 2011 4.76 (97.5 %) 0.01 - 4.76 0.01
Q1 2012 201.10 (13.9 %) 0.50 - 201.10 0.50
Q2 2012 100.85 (31.4 %) 0.25 - 100.85 0.25
Q3 2012 215.68 50.7 % 0.53 - 215.68 0.53
Q4 2012 21.04 341.6 % 0.05 - 21.04 0.05
Q1 2013 59.89 (70.2 %) 0.15 - 59.89 0.15
Q2 2013 230.21 128.3 % 0.57 - 230.21 0.57
Q3 2013 221.03 2.5 % 0.55 - 221.03 0.55
Q4 2013 202.96 864.7 % 0.50 - 202.96 0.50
Q1 2014 260.72 335.3 % 0.64 - 260.72 0.64
Q2 2014 210.04 (8.8 %) 0.52 - 210.04 0.52
Q3 2014 376.44 70.3 % 0.93 - 376.44 0.93
Q4 2014 84.98 (58.1 %) 0.21 - 84.98 0.21
Q1 2015 125.74 (51.8 %) 0.31 - 125.74 0.31
Q2 2015 339.12 61.5 % 0.84 - 339.12 0.84
Q3 2015 207.12 (45.0 %) 0.51 - 207.12 0.51
Q4 2015 55.08 (35.2 %) 0.14 - 55.08 0.14
Q1 2016 29.08 (76.9 %) 0.07 - 29.08 0.07
Q2 2016 151.47 (55.3 %) 0.37 - 151.47 0.37
Q3 2016 (141.28) (168.2 %) (0.35) (274.00) 132.72 0.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2014 28.90 % 29.22 % 14.76 %
Q4 2014 29.26 % 29.51 % 11.86 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2007 346.30 1.51 1.51 8.61
Q2 2007 346.30 1.52 1.52 8.32
Q3 2007 346.30 1.40 1.40 8.74
Q4 2007 346.30 1.26 1.26 9.03
Q1 2008 405.00 1.25 1.25 13.61
Q2 2008 405.00 1.33 1.33 13.44
Q3 2008 405.00 0.90 0.90 13.36
Q4 2008 405.00 0.12 0.12 12.83
Q1 2009 405.00 (0.34) (0.34) 12.71
Q2 2009 405.00 (0.55) (0.55) 12.89
Q3 2009 405.00 (0.13) (0.13) 13.23
Q4 2009 405.00 0.76 0.76 13.59
Q1 2010 405.00 1.23 1.23 13.94
Q2 2010 405.00 1.12 1.12 13.45
Q3 2010 405.00 0.89 0.89 13.56
Q4 2010 405.00 1.00 1.00 14.03
Q1 2011 405.00 1.22 1.22 14.60
Q2 2011 405.00 1.52 1.52 14.41
Q3 2011 405.00 1.76 1.76 14.76
Q4 2011 405.00 1.30 1.30 14.77
Q1 2012 405.00 1.22 1.22 15.27
Q2 2012 405.00 1.11 1.11 14.40
Q3 2012 405.00 1.29 1.29 14.93
Q4 2012 405.00 1.33 1.33 14.99
Q1 2013 405.00 0.98 0.98 15.13
Q2 2013 405.00 1.30 1.30 14.59
Q3 2013 405.00 1.31 1.31 15.13
Q4 2013 405.00 1.76 1.76 15.63
Q1 2014 405.00 2.26 2.26 16.28
Q2 2014 405.00 2.21 2.21 15.68
Q3 2014 405.00 2.59 2.59 16.61
Q4 2014 405.00 2.30 2.30 16.82
Q1 2015 405.00 1.97 1.97 17.13
Q2 2015 405.00 2.29 2.29 16.86
Q3 2015 405.00 1.87 1.87 17.37
Q4 2015 405.00 1.80 1.80 17.50
Q1 2016 405.00 1.56 1.56 14.74
Q2 2016 405.00 1.09 1.09 15.11
Q3 2016 405.00 0.23 0.91 14.76

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 25.98 25.98 4.57
Q2 2007 27.98 27.98 5.10
Q3 2007 32.77 32.77 5.25
Q4 2007 61.07 61.07 8.55
Q1 2008 41.83 41.83 3.85
Q2 2008 47.49 47.49 4.71
Q3 2008 45.12 45.12 3.02
Q4 2008 More than 100 More than 100 1.31
Q1 2009 NEG NEG 1.61
Q2 2009 NEG NEG 2.45
Q3 2009 NEG NEG 2.92
Q4 2009 48.28 48.28 2.68
Q1 2010 29.77 29.77 2.63
Q2 2010 26.10 26.10 2.17
Q3 2010 34.50 34.50 2.28
Q4 2010 36.52 36.52 2.60
Q1 2011 31.77 31.77 2.66
Q2 2011 25.46 25.46 2.68
Q3 2011 18.55 18.55 2.21
Q4 2011 24.42 24.42 2.16
Q1 2012 33.90 33.90 2.72
Q2 2012 30.80 30.80 2.38
Q3 2012 29.84 29.84 2.58
Q4 2012 28.56 28.56 2.54
Q1 2013 39.14 39.14 2.54
Q2 2013 33.14 33.14 2.96
Q3 2013 33.45 33.45 2.90
Q4 2013 30.82 30.82 3.48
Q1 2014 25.62 25.62 3.55
Q2 2014 27.39 27.39 3.86
Q3 2014 25.80 25.80 4.03
Q4 2014 18.54 18.54 2.54
Q1 2015 19.81 19.81 2.28
Q2 2015 19.71 19.71 2.67
Q3 2015 15.97 15.97 1.72
Q4 2015 12.90 12.90 1.32
Q1 2016 13.17 13.17 1.39
Q2 2016 20.67 20.67 1.50
Q3 2016 91.95 23.55 1.45

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 -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 211.38 (141.28) (166.8 %) 132.72 (37.2 %)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Riyad Capital 202.00 (141.28) (243.0) % 132.72 (52.2) %
SNB Capital 204.00 (141.28) (244.4) % 132.72 (53.7) %
Sico 210.00 (141.28) (248.6) % 132.72 (58.2) %
OSOOL AND BAKHEET 229.50 (141.28) (262.4) % 132.72 (72.9) %


Financial Ratios
Current
Market Cap (M Riyal) 11,460.14
Enterprise Value (EV) (M) 10,474.44
Shares Outstanding ((M)) 679.32
EPS ( Riyal) (TTM) 0.28
Book Value (BV) ( Riyal) 14.50
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) 59.71
Price/book 1.16
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 1.9
EV/adj EBITDA -
EV/Revenues -
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Share Price

Saudi Industrial Investment Group
16.89
(0.01) (0.06 %)

Saudi Industrial Investment Group (SIIG)

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