Financial Results : SIIG net profit slumps 76% to SAR 277 mln in 2022; Q4 turns loss of SAR 296 mln

SIIG net profit slumps 76% to SAR 277 mln in 2022; Q4 turns loss of SAR 296 mln

01/02/2023 Argaam Exclusive

View other reports

Saudi Industrial Investment Group (SIIG) reported a net profit after Zakat and tax of SAR 277 million for 2022, down 76% from SAR 1.13 billion in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (69.11) (71.97) (4.1 %)
Net Income 1,136.27 277.44 (75.6 %)
Average Shares 405.00 610.74 50.8 %
Earnings Per Share before unusual items (Riyals) 2.81 0.45 (83.8 %)
EPS (Riyal) 2.81 0.45 (83.8 %)

SIIG said the profit decline came as its share of profit in the jointly managed projects decreased in 2022, due to lower profit margins because of higher feedstock costs and lower selling prices. In addition, the firm noted the scheduled turnaround maintenance for Saudi Polymer Co. during the current period.

 

Meanwhile, Zakat expenses rose YoY as the company had reversed Zakat provisions in 2021.

 

SIIG turned to net loss after Zakat and tax of SAR 296 million in Q4 2022, from a profit of SAR 121.65 million in Q4 2021, as the company’s jointly managed projects incurred losses in Q4 2022 due to lower selling prices and the scheduled maintenance for Saudi Polymer.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (27.66) (19.47) 29.6 %
Net Income 121.65 (296.44) (343.7 %)
Average Shares 405.00 610.74 50.8 %
Earnings Per Share before unusual items (Riyal) 0.30 (0.49) (261.6 %)
EPS (Riyal) 0.30 (0.49) (261.6 %)

The firm posted a net profit of SAR 55 million in Q3 2021.

 

Total shareholders’ equity, after deducting minority equity, increased by 45.84% year-on-year to SAR 10.68 billion by the end of 2022.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2016 1,163.33 (29.7 %) 51.92 (90.5 %) (96.12) (126.1 %)
Q1 2017 1,685.27 1.5 % 502.40 18.2 % 351.46 26.6 %
Q2 2017 1,754.11 6.8 % 420.83 (26.6 %) 258.09 (38.6 %)
Q3 2017 1,755.30 9.6 % 552.10 (1.1 %) 400.42 0.4 %
Q4 2017 2,169.13 86.5 % 788.19 1418.0 % 590.91 714.8 %
Q1 2018 2,210.53 31.2 % 763.14 51.9 % 602.55 71.4 %
Q2 2018 2,239.39 27.7 % 722.34 71.6 % 549.71 113.0 %
Q3 2018 2,297.25 30.9 % 742.47 34.5 % 572.13 42.9 %
Q4 2018 2,183.25 0.7 % 455.16 (42.3 %) 256.20 (56.6 %)
Q1 2019 2,020.11 (8.6 %) 517.41 (32.2 %) 363.05 (39.7 %)
Q2 2019 1,650.76 (26.3 %) 459.89 (36.3 %) 323.07 (41.2 %)
Q3 2019 1,957.97 (14.8 %) 491.15 (33.8 %) 327.45 (42.8 %)
Q4 2019 1,869.64 (14.4 %) 414.40 (9.0 %) 253.08 (1.2 %)
Q1 2020 1,572.92 (22.1 %) 246.83 (52.3 %) 116.74 (67.8 %)
Q2 2020 1,345.88 (18.5 %) (121.69) (126.5 %) (249.79) (177.3 %)
Q3 2020 - - - - (6.96) (102.1 %)
Q4 2020 - - - - (24.32) (109.6 %)
Q1 2021 - - - - (9.72) (108.3 %)
Q2 2021 - - - - (18.78) 92.5 %
Q3 2021 - - - - (12.95) (86.1 %)
Q4 2021 - - - - (27.66) (13.8 %)
Q1 2022 - - - - (9.53) 1.9 %
Q2 2022 - - - - (35.78) (90.5 %)
Q3 2022 - - - - (7.19) 44.5 %
Q4 2022 - - - - (19.47) 29.6 %
2022 - - - - (71.97) (4.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q4 2016 43.51 (21.0 %) 0.11 - 43.51 0.11
Q1 2017 309.54 964.6 % 0.76 - 309.54 0.76
Q2 2017 70.25 (53.6 %) 0.17 - 70.25 0.17
Q3 2017 226.47 260.3 % 0.56 - 226.47 0.56
Q4 2017 397.79 814.2 % 0.98 93.96 303.83 0.75
Q1 2018 199.04 (35.7 %) 0.49 - 199.04 0.49
Q2 2018 321.40 357.5 % 0.79 - 321.40 0.79
Q3 2018 318.77 40.8 % 0.79 - 318.77 0.79
Q4 2018 25.70 (93.5 %) 0.06 186.79 (161.09) (0.40)
Q1 2019 178.21 (10.5 %) 0.44 - 178.21 0.44
Q2 2019 205.11 (36.2 %) 0.51 - 205.11 0.51
Q3 2019 160.27 (49.7 %) 0.40 - 160.27 0.40
Q4 2019 62.68 143.9 % 0.15 11.77 50.91 0.13
Q1 2020 (173.91) (197.6 %) (0.43) - (173.91) (0.43)
Q2 2020 (54.94) (126.8 %) (0.14) (127.00) 72.07 0.18
Q3 2020 85.48 (46.7 %) 0.21 - 85.48 0.21
Q4 2020 235.02 274.9 % 0.58 - 235.02 0.58
Q1 2021 305.41 275.6 % 0.75 - 305.41 0.75
Q2 2021 505.26 1019.7 % 1.25 - 505.26 1.25
Q3 2021 203.95 138.6 % 0.50 - 203.95 0.50
Q4 2021 121.65 (48.2 %) 0.30 - 121.65 0.30
Q1 2022 234.88 (23.1 %) 0.38 - 234.88 0.38
Q2 2022 284.20 (43.8 %) 0.47 - 284.20 0.47
Q3 2022 54.80 (73.1 %) 0.09 - 54.80 0.09
Q4 2022 (296.44) (343.7 %) (0.49) - (296.44) (0.49)
2022 277.44 (75.6 %) 0.45 - 277.44 0.45

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2021 (9.04 %) - 51.86 %
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
2022 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2016 405.00 0.20 0.88 14.86
Q1 2017 405.00 0.90 1.57 15.62
Q2 2017 405.00 0.70 1.37 15.24
Q3 2017 405.00 1.60 1.60 15.80
Q4 2017 405.00 2.48 2.25 16.21
Q1 2018 405.00 2.21 1.97 16.70
Q2 2018 405.00 2.83 2.59 16.94
Q3 2018 405.00 3.05 2.82 17.72
Q4 2018 405.00 2.14 1.67 17.03
Q1 2019 405.00 2.08 1.62 17.47
Q2 2019 405.00 1.80 1.34 17.15
Q3 2019 405.00 1.41 0.94 17.54
Q4 2019 405.00 1.50 1.47 16.78
Q1 2020 405.00 0.63 0.60 16.35
Q2 2020 405.00 (0.01) 0.27 15.65
Q3 2020 405.00 (0.20) 0.09 15.87
Q4 2020 405.00 0.23 0.54 15.83
Q1 2021 405.00 1.41 1.72 16.59
Q2 2021 405.00 2.79 2.79 17.28
Q3 2021 405.00 3.09 3.09 17.78
Q4 2021 405.00 2.81 2.81 18.09
Q1 2022 610.74 1.74 1.74 18.67
Q2 2022 610.74 1.38 1.38 16.78
Q3 2022 610.74 1.14 1.14 17.00
Q4 2022 610.74 0.45 0.45 15.73

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2016 More than 100 35.93 2.13
Q1 2017 38.54 21.97 2.21
Q2 2017 47.52 24.10 2.17
Q3 2017 21.66 21.66 2.20
Q4 2017 12.96 14.30 1.98
Q1 2018 17.22 19.24 2.28
Q2 2018 17.36 18.91 2.90
Q3 2018 15.02 16.25 2.59
Q4 2018 17.97 22.92 2.25
Q1 2019 19.80 25.42 2.36
Q2 2019 23.30 31.34 2.44
Q3 2019 27.54 40.99 2.21
Q4 2019 26.89 27.42 2.40
Q1 2020 42.18 44.23 1.62
Q2 2020 NEG More than 100 2.16
Q3 2020 NEG More than 100 2.46
Q4 2020 More than 100 85.13 2.90
Q1 2021 38.67 31.63 3.29
Q2 2021 21.02 21.02 3.40
Q3 2021 22.18 22.18 3.85
Q4 2021 20.69 20.69 2.89
Q1 2022 22.31 22.31 3.14
Q2 2022 22.92 22.92 1.70
Q3 2022 22.33 22.33 1.34
Q4 2022 53.82 53.82 1.40

Business Segments (Million)

Compared With The
Period Saudi Chevron Phillips Company Jubail Chevron Phillips Petrochem Consolidation adjustments & eliminations
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 -
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 -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 60.97 (296.44) (586.2 %)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Goldman Sachs 15.10 (296.44) (105.1) %
Riyad Capital 51.00 (296.44) (117.2) %
SNB Capital 69.00 (296.44) (123.3) %
U-Capital 108.80 (296.44) (136.7) %

Current
Market Cap (M Riyal) 11,419.38
Enterprise Value (EV) (M) 10,433.68
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) 59.49
Price/book 1.16
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 1.9
EV/adj EBITDA -
EV/Revenues -

Share Price

Saudi Industrial Investment Group (SIIG)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.