Petro Rabigh’s net profit drops 72% in nine-months 2015

21/10/2015 Argaam Exclusive

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Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Rabigh Refining and Petrochemical Co. (Petro Rabigh), which operates an integrated refinery and petrochemical complex, reported a net profit of SAR 250 million for the first nine months of 2015, marking a 71.6 percent decline compared to the same period last year on lower margin of petrochemical products as a result of the decline in crude oil prices.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	43,090.34	22,818.15	(47.0 %)
Gross Income	1,676.75	1,067.67	(36.3 %)
Operating Income	914.82	255.77	(72.0 %)
Net Income	879.35	250.22	(71.5 %)
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.70	0.20	(71.5 %)

Petro Rabigh reported a net loss of SAR 460 million in Q3-2015, compared to a net profit of SAR 294 million in the same quarter last year; and in contrast to a profit of SAR 505 million in the previous quarter (Q2-2015).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	14,814.36	6,674.60	(54.9 %)
Gross Income	558.23	(250.09)	(144.8 %)
Operating Income	306.15	(463.33)	(251.3 %)
Net Income	294.33	(460.12)	(256.3 %)
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.24	(0.37)	(256.3 %)

Item	Q2 2015	Q3 2015	Change‬
Revenues	8,495.54	6,674.60	(21.4 %)
Gross Income	740.32	(250.09)	(133.8 %)
Operating Income	493.77	(463.33)	(193.8 %)
Net Income	504.92	(460.12)	(191.1 %)
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.40	(0.37)	(191.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	-	-	-	-	-	-	-
Q1 2007	-	-	-	-	(83.51)	-	(0.11)
Q2 2007	-	-	-	-	(71.79)	-	(0.08)
Q3 2007	-	-	-	-	(90.74)	-	(0.10)
Q4 2007	-	-	-	-	(196.53)	-	(0.21)
2007	-	-	-	-	(442.57)	-	(0.47)
Q1 2008	-	-	-	-	(82.11)	1.7 %	(0.07)
Q2 2008	-	-	-	-	(115.45)	(60.8 %)	(0.09)
Q3 2008	-	-	-	-	(155.88)	(71.8 %)	(0.12)
Q4 2008	6,543.34	-	(621.89)	-	(902.80)	(359.4 %)	(0.72)
2008	6,543.34	-	(621.89)	-	(1256.24)	(183.9 %)	(1.00)
Q1 2009	5,629.22	-	107.04	-	(28.69)	65.1 %	(0.02)
Q2 2009	6,147.55	-	(67.37)	-	(235.96)	(104.4 %)	(0.19)
Q3 2009	7,301.02	-	(582.14)	-	(844.67)	(441.9 %)	(0.68)
Q4 2009	10,344.92	58.1 %	87.12	114.0 %	(323.74)	64.1 %	(0.26)
2009	29,422.71	349.7 %	(455.36)	26.8 %	(1433.06)	(14.1 %)	(1.15)
Q1 2010	10,676.41	89.7 %	159.49	49.0 %	271.54	1046.5 %	0.22
Q2 2010	12,000.67	95.2 %	314.81	567.3 %	121.78	151.6 %	0.10
Q3 2010	11,274.84	54.4 %	(23.30)	96.0 %	(237.19)	71.9 %	(0.19)
Q4 2010	12,885.98	24.6 %	277.66	218.7 %	52.56	116.2 %	0.04
2010	46,837.89	59.2 %	728.65	260.0 %	208.69	114.6 %	0.17
Q1 2011	15,053.32	41.0 %	939.15	488.8 %	698.47	157.2 %	0.56
Q2 2011	7,629.24	(36.4 %)	(178.88)	(156.8 %)	(402.32)	(430.4 %)	(0.32)
Q3 2011	14,100.10	25.1 %	(78.14)	(235.4 %)	(280.57)	(18.3 %)	(0.22)
Q4 2011	16,594.17	28.8 %	302.06	8.8 %	50.32	(4.3 %)	0.04
2011	53,376.84	14.0 %	984.19	35.1 %	65.89	(68.4 %)	0.05
Q1 2012	15,998.12	6.3 %	381.45	(59.4 %)	115.85	(83.4 %)	0.09
Q2 2012	14,844.32	94.6 %	173.23	196.8 %	(104.36)	74.1 %	(0.08)
Q3 2012	15,503.01	9.9 %	644.33	924.6 %	409.31	245.9 %	0.33
Q4 2012	15,665.42	(5.6 %)	330.16	9.3 %	68.07	35.3 %	0.05
2012	62,010.88	16.2 %	1,529.17	55.4 %	488.86	641.9 %	0.39
Q1 2013	10,189.36	(36.3 %)	(449.51)	(217.8 %)	(658.06)	(668.1 %)	(0.53)
Q2 2013	14,195.60	(4.4 %)	(6.50)	(103.8 %)	(236.70)	(126.8 %)	(0.19)
Q3 2013	12,539.61	(19.1 %)	201.93	(68.7 %)	14.03	(96.6 %)	0.01
Q4 2013	13,673.13	(12.7 %)	715.18	116.6 %	1,239.91	1721.5 %	0.99
2013	50,597.71	(18.4 %)	461.09	(69.8 %)	359.18	(26.5 %)	0.29
Q1 2014	14,235.50	39.7 %	672.14	249.5 %	413.05	162.8 %	0.33
Q2 2014	14,040.48	(1.1 %)	446.38	6968.4 %	171.98	172.7 %	0.14
Q3 2014	14,814.36	18.1 %	558.23	176.4 %	294.33	1997.6 %	0.24
Q4 2014	11,146.41	(18.5 %)	48.49	(93.2 %)	(197.92)	(116.0 %)	(0.16)
2014	54,236.75	7.2 %	1,725.24	274.2 %	681.43	89.7 %	0.54
Q1 2015	7,648.01	(46.3 %)	577.44	(14.1 %)	205.43	(50.3 %)	0.16
Q2 2015	8,495.54	(39.5 %)	740.32	65.9 %	504.92	193.6 %	0.40
Q3 2015	6,674.60	(54.9 %)	(250.09)	(144.8 %)	(460.12)	(256.3 %)	(0.37)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	-	-	-	-	-	-	-
2006	-	-	-	-	-	-	-
2007	-	-	-	-	(442.57)	-	(0.47)
2008	6,543.34	-	(621.89)	-	(1256.24)	(183.9 %)	(1.00)
2009	29,422.71	349.7 %	(455.36)	26.8 %	(1433.06)	(14.1 %)	(1.15)
2010	46,837.89	59.2 %	728.65	260.0 %	208.69	114.6 %	0.17
2011	53,376.84	14.0 %	984.19	35.1 %	65.89	(68.4 %)	0.05
2012	62,010.88	16.2 %	1,529.17	55.4 %	488.86	641.9 %	0.39
2013	50,597.71	(18.4 %)	461.09	(69.8 %)	359.18	(26.5 %)	0.29
2014	54,236.75	7.2 %	1,725.24	274.2 %	681.43	89.7 %	0.54

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	(9.50 %)	(15.72 %)	(19.20 %)
2008	(9.50 %)	(15.72 %)	(19.20 %)
Q1 2009	(4.23 %)	(6.51 %)	(9.88 %)
Q2 2009	(3.18 %)	(4.06 %)	(7.22 %)
Q3 2009	(4.54 %)	(4.51 %)	(7.85 %)
Q4 2009	(1.55 %)	(0.49 %)	(4.87 %)
2009	(1.55 %)	(0.49 %)	(4.87 %)
Q1 2010	(1.17 %)	0.52 %	(3.29 %)
Q2 2010	(0.05 %)	2.28 %	(1.92 %)
Q3 2010	1.21 %	4.04 %	(0.38 %)
Q4 2010	1.56 %	4.07 %	(0.22 %)
2010	1.56 %	4.07 %	(0.22 %)
Q1 2011	2.95 %	5.22 %	0.63 %
Q2 2011	2.17 %	4.54 %	(0.43 %)
Q3 2011	1.93 %	4.22 %	(0.49 %)
Q4 2011	1.84 %	4.14 %	0.12 %
2011	1.84 %	4.14 %	0.12 %
Q1 2012	0.79 %	3.11 %	(0.95 %)
Q2 2012	1.27 %	3.34 %	(0.36 %)
Q3 2012	2.38 %	4.44 %	0.75 %
Q4 2012	2.47 %	4.57 %	0.79 %
2012	2.47 %	4.57 %	0.79 %
Q1 2013	1.24 %	3.66 %	(0.51 %)
Q2 2013	0.93 %	3.43 %	(0.75 %)
Q3 2013	0.14 %	2.80 %	(1.55 %)
Q4 2013	0.91 %	3.72 %	(0.77 %)
2013	0.91 %	3.72 %	(0.77 %)
Q1 2014	2.90 %	5.38 %	1.24 %
Q2 2014	3.74 %	6.20 %	2.00 %
Q3 2014	4.21 %	6.49 %	2.41 %
Q4 2014	3.18 %	5.56 %	1.26 %
2014	3.18 %	5.56 %	1.26 %
Q1 2015	3.42 %	5.94 %	0.99 %
Q2 2015	4.57 %	7.40 %	1.92 %
Q3 2015	3.29 %	6.76 %	0.15 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	(9.50 %)	(15.72 %)	(19.20 %)
2009	(1.55 %)	(0.49 %)	(4.87 %)
2010	1.56 %	4.07 %	(0.22 %)
2011	1.84 %	4.14 %	0.12 %
2012	2.47 %	4.57 %	0.79 %
2013	0.91 %	3.72 %	(0.77 %)
2014	3.18 %	5.56 %	1.26 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	(9.50 %)	(9.71 %)	(13.80 %)
Q1 2009	1.90 %	2.22 %	(0.51 %)
Q2 2009	(1.10 %)	(1.24 %)	(3.84 %)
Q3 2009	(7.97 %)	(7.80 %)	(11.57 %)
Q4 2009	0.84 %	3.64 %	(3.13 %)
Q1 2010	1.49 %	4.19 %	2.54 %
Q2 2010	2.62 %	5.55 %	1.01 %
Q3 2010	(0.21 %)	2.65 %	(2.10 %)
Q4 2010	2.15 %	3.84 %	(2.00 %)
Q1 2011	6.24 %	8.08 %	4.64 %
Q2 2011	(2.34 %)	1.56 %	(5.27 %)
Q3 2011	(0.55 %)	1.89 %	(1.99 %)
Q4 2011	1.82 %	3.66 %	0.30 %
Q1 2012	2.38 %	4.34 %	0.72 %
Q2 2012	1.17 %	3.27 %	(0.70 %)
Q3 2012	4.16 %	6.49 %	2.64 %
Q4 2012	2.11 %	4.15 %	0.43 %
Q1 2013	(4.41 %)	(0.81 %)	(6.46 %)
Q2 2013	(0.05 %)	2.36 %	(1.67 %)
Q3 2013	1.61 %	4.57 %	0.11 %
Q4 2013	5.23 %	7.74 %	3.58 %
Q1 2014	4.72 %	6.85 %	2.90 %
Q2 2014	3.18 %	5.49 %	1.22 %
Q3 2014	3.77 %	5.92 %	1.99 %
Q4 2014	0.44 %	3.50 %	(1.78 %)
Q1 2015	7.55 %	10.34 %	2.69 %
Q2 2015	8.71 %	12.42 %	5.94 %
Q3 2015	(3.75 %)	0.91 %	(6.89 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	749.52	-	-	6.66
Q2 2007	937.97	-	-	6.65
Q3 2007	937.97	-	-	6.56
Q4 2007	937.97	(0.47)	(0.47)	6.35
Q1 2008	1,250.63	(0.35)	(0.35)	8.34
Q2 2008	1,250.63	(0.39)	(0.39)	8.25
Q3 2008	1,250.63	(0.44)	(0.44)	8.13
Q4 2008	1,250.63	(1.00)	(1.00)	7.41
Q1 2009	1,250.63	(0.96)	(0.96)	7.38
Q2 2009	1,250.63	(1.06)	(1.06)	7.20
Q3 2009	1,250.63	(1.61)	(1.61)	6.52
Q4 2009	1,250.63	(1.15)	(1.15)	6.26
Q1 2010	1,250.63	(0.91)	(0.91)	6.48
Q2 2010	1,250.63	(0.62)	(0.62)	6.58
Q3 2010	1,250.63	(0.13)	(0.13)	6.39
Q4 2010	1,250.63	0.17	(0.08)	6.40
Q1 2011	1,250.63	0.51	0.26	6.95
Q2 2011	1,250.63	0.09	(0.16)	6.63
Q3 2011	1,250.63	0.05	(0.19)	6.41
Q4 2011	1,250.63	0.05	0.05	6.47
Q1 2012	1,250.63	(0.41)	(0.41)	6.56
Q2 2012	1,250.63	(0.17)	(0.17)	6.48
Q3 2012	1,250.63	0.38	0.38	6.80
Q4 2012	1,250.63	0.39	0.39	6.85
Q1 2013	1,250.63	(0.23)	(0.23)	6.32
Q2 2013	1,250.63	(0.33)	(0.33)	6.13
Q3 2013	1,250.63	(0.65)	(0.65)	6.15
Q4 2013	1,250.63	0.29	(0.31)	7.13
Q1 2014	1,250.63	1.14	0.54	7.46
Q2 2014	1,250.63	1.47	0.87	7.59
Q3 2014	1,250.63	1.69	1.09	7.81
Q4 2014	1,250.63	0.54	0.54	7.64
Q1 2015	1,250.63	0.38	0.38	7.80
Q2 2015	1,250.63	0.65	0.65	8.20
Q3 2015	1,250.63	0.04	0.04	7.47

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
2006	-	-	-	-
2007	937.97	(0.47)	(0.47)	6.35
2008	1,250.63	(1.00)	(1.00)	7.41
2009	1,250.63	(1.15)	(1.15)	6.26
2010	1,250.63	0.17	(0.08)	6.40
2011	1,250.63	0.05	0.05	6.47
2012	1,250.63	0.39	0.39	6.85
2013	1,250.63	0.29	(0.31)	7.13
2014	1,250.63	0.54	0.54	7.64

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	NEG	NEG	5.53
Q2 2008	NEG	NEG	6.66
Q3 2008	NEG	NEG	4.45
Q4 2008	NEG	NEG	1.97
Q1 2009	NEG	NEG	2.61
Q2 2009	NEG	NEG	3.67
Q3 2009	NEG	NEG	5.01
Q4 2009	NEG	NEG	5.31
Q1 2010	NEG	NEG	4.93
Q2 2010	NEG	NEG	3.90
Q3 2010	NEG	NEG	3.64
Q4 2010	More than 50	NEG	3.28
Q1 2011	45.41	More than 50	3.32
Q2 2011	More than 50	NEG	3.80
Q3 2011	More than 50	NEG	3.57
Q4 2011	More than 50	More than 50	3.37
Q1 2012	NEG	NEG	3.77
Q2 2012	NEG	NEG	2.75
Q3 2012	45.98	45.98	2.55
Q4 2012	42.03	42.03	2.40
Q1 2013	NEG	NEG	2.60
Q2 2013	NEG	NEG	2.42
Q3 2013	NEG	NEG	2.31
Q4 2013	More than 50	NEG	3.18
Q1 2014	21.37	44.92	3.28
Q2 2014	19.67	33.21	3.81
Q3 2014	18.24	28.23	3.96
Q4 2014	31.19	31.19	2.22
Q1 2015	More than 50	More than 50	2.56
Q2 2015	30.59	30.59	2.41
Q3 2015	More than 50	More than 50	2.01

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	NEG	NEG	1.97
2009	NEG	NEG	5.31
2010	More than 50	NEG	3.28
2011	More than 50	More than 50	3.37
2012	42.03	42.03	2.40
2013	More than 50	NEG	3.18
2014	31.19	31.19	2.22

Business Segments (Million)

Compared With The

Period	Refined products	Petrochemical products
Q1 2009	5,629.22	-
Q2 2009	6,147.55	-
Q3 2009	6,993.09	307.92
Q4 2009	9,127.26	1,217.67
Q1 2010	8,913.81	1,762.60
Q2 2010	9,558.49	2,442.18
Q3 2010	9,643.47	1,631.36
Q4 2010	10,942.03	1,943.95
Q1 2011	12,677.38	2,375.95
Q2 2011	6,540.62	1,088.63
Q3 2011	12,335.94	1,764.15
Q4 2011	13,711.37	2,882.80
Q1 2012	13,734.88	2,263.24
Q2 2012	12,337.62	2,506.70
Q3 2012	13,523.90	1,979.12
Q4 2012	12,945.52	2,719.91
Q1 2013	9,081.84	1,107.53
Q2 2013	12,300.99	1,894.61
Q3 2013	10,172.41	2,367.20
Q4 2013	11,310.72	2,362.41
Q1 2014	11,728.13	2,507.37
Q2 2014	11,627.12	2,413.36
Q3 2014	12,239.59	2,574.78
Q4 2014	8,501.53	2,644.88
Q1 2015	5,808.61	1,839.40
Q2 2015	6,508.04	1,987.50
Q3 2015	5,337.85	1,336.75

Period	Refined products	Petrochemical products
2009	27,897.12	1,525.59
2010	39,057.80	7,780.09
2011	45,265.31	8,111.52
2012	52,541.91	9,468.97
2013	42,865.96	7,731.75
2014	44,096.36	10,140.39

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	343.50	(460.12)	(234.0 %)

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
99Hlala Capital	422.00	(460.12)	(209.0) %
Riyad Capital	265.00	(460.12)	(273.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	11,646.87
Enterprise Value (EV) (M)	-
Shares Outstanding ((M))	1,671.00
EPS ( Riyal) (TTM)	(3.05)
Book Value (BV) ( Riyal)	5.50
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.27
Return on Average Assets (%) (TTM)	(7.97 )
Return on Average Equity (%) (TTM)	(43.39 )

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Petro Rabigh’s net profit drops 72% in nine-months 2015

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Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Financial Ratios

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Petro Rabigh’s net profit drops 72% in nine-months 2015

View other reports

Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2015

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)