Operating profit decreases 93% YoY in 3Q25
For 3Q25, SIIG reported an operating profit of SAR 7mn, reflecting a decline of 93% on YoY basis. For 9M25, operating profit declined 80% YoY to SAR 40mn.
Net income decreases 92% YoY in 3Q25
Net income for 3Q25 came at SAR 8mn (-92% YoY). This decrease is mainly attributed to lower share of profit from JV investments due to lower selling prices which offset the growth in sales volume.
U-Capital view
SIIG’s bottom line has declined by more than 90% YoY mainly due to the lower selling prices of associates and JVs. The global petrochemical sector remains under pressure, hindered by weak industrial demand and ongoing oversupply, both of which continue to compress margins. Further complicating the landscape is uncertainty surrounding trade agreements, which heightens volatility in commodity market sentiment. Considering the muted demand outlook and the absence of a substantial rebound in industry fundamentals, we maintain our Hold rating on the stock with the target price of SAR 17.3/share.