SIIG’s H1 profit slightly down to SAR 465 mln

SIIG’s H1 profit slightly down to SAR 465 mln

22/07/2015 Argaam Exclusive

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Saudi Industrial Investment Group (SIIG) reported a net profit of SAR 465 million for H1-2015, a 1.3 percent drop compared to the same period last year. The decline was mainly attributed to lower selling prices, as well as construction and maintenance at some of its plants.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 3,675.77 3,737.78 1.7 %
Gross Income 1,017.15 1,177.71 15.8 %
Operating Income 641.19 792.65 23.6 %
Net Income 470.77 464.86 (1.3 %)
Average Shares 450.00 450.00 -
EPS (Riyals) 1.05 1.03 (1.3 %)

 

The diversified chemical producer reported a net profit of SAR 339 million in Q2, a 61.4 percent increase compared to the same quarter last year; and 169 percent higher compared to the previous quarter (Q1-2015) on an increased share of Petrochem’s results, which were SAR 99 million. Petchem is a subsidiary of SIIG.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 1,965.81 1,967.02 0.1 %
Gross Income 560.99 738.14 31.6 %
Operating Income 362.13 562.17 55.2 %
Net Income 210.04 339.12 61.5 %
Average Shares 450.00 450.00 -
EPS (Riyals) 0.47 0.75 61.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 - - - - (1.28) 9.5 %
Q2 2006 - - - - (2.90) (136.0 %)
Q3 2006 1,178.80 32.2 % 439.97 25.3 % 412.89 25.4 %
Q4 2006 395.13 48.2 % 194.71 222.6 % 140.78 160.4 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 130.61 1.6 % 0.34 - 130.61 0.34
Q2 2006 123.42 62.6 % 0.32 - 123.42 0.32
Q3 2006 185.81 37.8 % 0.48 - 185.81 0.48
Q4 2006 147.12 94.9 % 0.38 - 147.12 0.38
Q1 2007 67.36 (48.4 %) 0.18 - 67.36 0.18
Q2 2007 124.95 1.2 % 0.32 - 124.95 0.32
Q3 2007 145.45 (21.7 %) 0.38 - 145.45 0.38
Q4 2007 99.62 (32.3 %) 0.26 - 99.62 0.26
Q1 2008 137.44 104.0 % 0.31 - 137.44 0.31
Q2 2008 157.53 26.1 % 0.35 - 157.53 0.35
Q3 2008 (31.73) (121.8 %) (0.07) - (31.73) (0.07)
Q4 2008 (214.49) (315.3 %) (0.48) - (214.49) (0.48)
Q1 2009 (50.49) (136.7 %) (0.11) - (50.49) (0.11)
Q2 2009 73.92 (53.1 %) 0.16 - 73.92 0.16
Q3 2009 136.49 530.2 % 0.30 - 136.49 0.30
Q4 2009 146.08 168.1 % 0.32 - 146.08 0.32
Q1 2010 142.18 381.6 % 0.32 - 142.18 0.32
Q2 2010 28.14 (61.9 %) 0.06 - 28.14 0.06
Q3 2010 45.96 (66.3 %) 0.10 - 45.96 0.10
Q4 2010 188.34 28.9 % 0.42 - 188.34 0.42
Q1 2011 233.63 64.3 % 0.52 - 233.63 0.52
Q2 2011 146.97 422.4 % 0.33 - 146.97 0.33
Q3 2011 143.15 211.5 % 0.32 - 143.15 0.32
Q4 2011 4.76 (97.5 %) 0.01 - 4.76 0.01
Q1 2012 201.10 (13.9 %) 0.45 - 201.10 0.45
Q2 2012 100.85 (31.4 %) 0.22 - 100.85 0.22
Q3 2012 215.68 50.7 % 0.48 - 215.68 0.48
Q4 2012 21.04 341.6 % 0.05 - 21.04 0.05
Q1 2013 59.89 (70.2 %) 0.13 - 59.89 0.13
Q2 2013 230.21 128.3 % 0.51 - 230.21 0.51
Q3 2013 221.03 2.5 % 0.49 - 221.03 0.49
Q4 2013 202.96 864.7 % 0.45 - 202.96 0.45
Q1 2014 260.72 335.3 % 0.58 - 260.72 0.58
Q2 2014 210.04 (8.8 %) 0.47 - 210.04 0.47
Q3 2014 376.44 70.3 % 0.84 - 376.44 0.84
Q4 2014 84.98 (58.1 %) 0.19 - 84.98 0.19
Q1 2015 125.74 (51.8 %) 0.28 - 125.74 0.28
Q2 2015 339.12 61.5 % 0.75 - 339.12 0.75

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 35.51 % 39.12 % 34.89 %
Q2 2006 35.51 % 38.97 % 39.00 %
Q3 2006 34.61 % 37.25 % 34.78 %
Q4 2006 40.32 % 39.28 % 37.29 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 384.78 1.08 1.05 6.39
Q2 2006 384.78 1.21 1.17 6.71
Q3 2006 384.78 1.34 1.31 7.19
Q4 2006 384.78 1.53 1.53 7.57
Q1 2007 384.78 1.36 1.36 7.74
Q2 2007 384.78 1.37 1.37 7.49
Q3 2007 384.78 1.26 1.26 7.86
Q4 2007 384.78 1.14 1.14 8.12
Q1 2008 450.00 1.13 1.13 12.25
Q2 2008 450.00 1.20 1.20 12.10
Q3 2008 450.00 0.81 0.81 12.03
Q4 2008 450.00 0.11 0.11 11.55
Q1 2009 450.00 (0.31) (0.31) 11.44
Q2 2009 450.00 (0.50) (0.50) 11.60
Q3 2009 450.00 (0.12) (0.12) 11.90
Q4 2009 450.00 0.68 0.68 12.23
Q1 2010 450.00 1.11 1.11 12.55
Q2 2010 450.00 1.01 1.01 12.10
Q3 2010 450.00 0.81 0.81 12.21
Q4 2010 450.00 0.90 0.90 12.62
Q1 2011 450.00 1.10 1.10 13.14
Q2 2011 450.00 1.37 1.37 12.97
Q3 2011 450.00 1.58 1.58 13.28
Q4 2011 450.00 1.17 1.17 13.30
Q1 2012 450.00 1.10 1.10 13.74
Q2 2012 450.00 1.00 1.00 12.96
Q3 2012 450.00 1.16 1.16 13.44
Q4 2012 450.00 1.20 1.20 13.49
Q1 2013 450.00 0.88 0.88 13.62
Q2 2013 450.00 1.17 1.17 13.13
Q3 2013 450.00 1.18 1.18 13.62
Q4 2013 450.00 1.59 1.59 14.07
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 More than 100 More than 100 19.16
Q2 2006 74.61 76.69 13.42
Q3 2006 55.03 56.41 10.25
Q4 2006 26.70 26.70 5.38
Q1 2007 28.87 28.87 5.07
Q2 2007 31.08 31.08 5.66
Q3 2007 36.41 36.41 5.83
Q4 2007 67.86 67.86 9.50
Q1 2008 46.48 46.48 4.28
Q2 2008 52.76 52.76 5.23
Q3 2008 50.13 50.13 3.36
Q4 2008 More than 100 More than 100 1.46
Q1 2009 NEG NEG 1.79
Q2 2009 NEG NEG 2.73
Q3 2009 NEG NEG 3.24
Q4 2009 53.65 53.65 2.98
Q1 2010 33.07 33.07 2.92
Q2 2010 29.00 29.00 2.41
Q3 2010 38.33 38.33 2.53
Q4 2010 40.57 40.57 2.89
Q1 2011 35.30 35.30 2.96
Q2 2011 28.29 28.29 2.98
Q3 2011 20.62 20.62 2.46
Q4 2011 27.13 27.13 2.40
Q1 2012 37.66 37.66 3.02
Q2 2012 34.23 34.23 2.64
Q3 2012 33.16 33.16 2.86
Q4 2012 31.74 31.74 2.82
Q1 2013 43.49 43.49 2.82
Q2 2013 36.82 36.82 3.28
Q3 2013 37.16 37.16 3.23
Q4 2013 34.25 34.25 3.86
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

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 -

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 187.05 339.12 81.30 %

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
SFC 205.00 339.12 65.4 %
SNB Capital 199.00 339.12 70.4 %
Riyad Capital 199.00 339.12 70.4 %
OSOOL AND BAKHEET 145.20 339.12 133.6 %


Financial Ratios
Current
Market Cap (M Riyal) 12,816.50
Enterprise Value (EV) (M) 12,361.56
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 1.30
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 2.0
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Share Price

Saudi Industrial Investment Group
16.98
0.12 0.71 %

Saudi Industrial Investment Group (SIIG)

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