Petro Rabigh’s net profit almost flat in 9M

06/11/2018 Argaam Exclusive

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Share Price

Rabigh Refining and Petrochemical Co.
6.82
(0.06) (0.87 %)

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) net profit after zakat and tax slipped marginally year-on-year (YoY) to SAR 774 million in the first nine months of 2018 due to higher income tax charges. 



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 24,687.34 32,640.40 32.2 %
Gross Income 1,801.61 2,043.73 13.4 %
Operating Income 1,029.80 1,018.47 (1.1 %)
Net Income 782.44 774.09 (1.1 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.63 0.62 (1.1 %)

Net profit after zakat and tax in the third quarter fell 65.6 percent YoY to SAR 243 million on lower refined product margins.

 

Compared to the previous quarter, Q3 net profit grew by 3.4 percent driven by higher sales volumes of refined products and petrochemicals.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 9,141.32 12,041.25 31.7 %
Gross Income 1,101.80 607.50 (44.9 %)
Operating Income 809.76 343.71 (57.6 %)
Net Income 706.47 243.44 (65.5 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.56 0.19 (65.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
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
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
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
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
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)
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)
Q4 2015 2,695.71 (75.8 %) (772.34) (1692.7 %) (1008.73) (409.7 %) (0.81)
Q1 2016 4,947.26 (35.3 %) 221.46 (61.6 %) (36.64) (117.8 %) (0.03)
Q2 2016 6,335.74 (25.4 %) 400.82 (45.9 %) 101.00 (80.0 %) 0.08
Q3 2016 6,375.62 (4.5 %) 25.03 110.0 % (210.55) 54.2 % (0.17)
Q4 2016 7,487.51 177.8 % 460.12 159.6 % 180.98 117.9 % 0.14
Q1 2017 6,702.23 35.5 % 65.14 (70.6 %) (239.69) (554.2 %) (0.19)
Q2 2017 8,843.80 39.6 % 634.67 58.3 % 315.66 212.6 % 0.25
Q3 2017 9,141.32 43.4 % 1,101.80 4301.9 % 706.47 435.5 % 0.56
Q4 2017 9,523.67 27.2 % 894.42 94.4 % 640.54 253.9 % 0.51
Q1 2018 9,856.35 47.1 % 772.06 1085.3 % 296.15 223.6 % 0.24
Q2 2018 10,742.81 21.5 % 664.18 4.6 % 234.50 (25.7 %) 0.19
Q3 2018 12,041.25 31.7 % 607.50 (44.9 %) 243.44 (65.5 %) 0.19

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)
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 %
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 %
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 %)
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 %
Q1 2015 3.42 % 5.94 % 0.99 %
Q2 2015 4.57 % 7.40 % 1.92 %
Q3 2015 3.29 % 6.76 % 0.15 %
Q4 2015 1.16 % 5.55 % (2.97 %)
Q1 2016 (0.27 %) 5.38 % (4.39 %)
Q2 2016 (1.94 %) 4.26 % (6.80 %)
Q3 2016 (0.61 %) 5.96 % (5.67 %)
Q4 2016 4.40 % 10.11 % 0.14 %
Q1 2017 3.54 % 8.81 % (0.63 %)
Q2 2017 4.03 % 9.05 % 0.16 %
Q3 2017 7.03 % 11.47 % 2.99 %
Q4 2017 7.88 % 11.97 % 4.16 %
Q1 2018 9.11 % 12.46 % 5.24 %
Q2 2018 8.74 % 11.61 % 4.78 %
Q3 2018 6.97 % 9.69 % 3.36 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 1,250.63 (0.61) (0.61) 6.68
Q1 2016 1,250.63 (0.80) (0.80) 6.57
Q2 2016 1,250.63 (1.12) (1.12) 6.66
Q3 2016 1,250.63 (0.92) (0.92) 6.48
Q4 2016 1,250.63 0.03 0.03 6.71
Q1 2017 1,250.63 (0.13) (0.13) 6.43
Q2 2017 1,250.63 0.04 0.04 6.71
Q3 2017 1,250.63 0.77 0.77 7.34
Q4 2017 1,250.63 1.14 1.14 8.06
Q1 2018 1,250.63 1.57 1.57 8.36
Q2 2018 1,250.63 1.50 1.50 8.26
Q3 2018 1,250.63 1.13 1.13 8.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 100 NEG 3.28
Q1 2011 45.41 88.87 3.32
Q2 2011 More than 100 NEG 3.80
Q3 2011 More than 100 NEG 3.57
Q4 2011 More than 100 More than 100 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 79.05 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 52.78 52.78 2.56
Q2 2015 30.59 30.59 2.41
Q3 2015 More than 100 More than 100 2.01
Q4 2015 NEG NEG 1.72
Q1 2016 NEG NEG 1.50
Q2 2016 NEG NEG 1.62
Q3 2016 NEG NEG 1.43
Q4 2016 More than 100 More than 100 1.64
Q1 2017 NEG NEG 1.85
Q2 2017 More than 100 More than 100 1.59
Q3 2017 16.71 16.71 1.75
Q4 2017 13.53 13.53 1.91
Q1 2018 14.84 14.84 2.78
Q2 2018 17.68 17.68 3.21
Q3 2018 19.32 19.32 2.57

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
Q4 2015 1,846.11 849.60
Q1 2016 3,949.86 997.40
Q2 2016 4,609.96 1,725.79
Q3 2016 5,036.36 1,339.26
Q4 2016 5,827.73 1,659.77
Q1 2017 5,288.48 1,413.75
Q2 2017 6,781.72 2,062.09
Q3 2017 6,986.55 2,154.77
Q4 2017 7,180.40 2,343.26
Q1 2018 7,525.00 2,331.35
Q2 2018 8,067.19 2,675.62
Q3 2018 9,410.60 2,630.65


Financial Ratios
Current
Market Cap (M Riyal) 11,396.22
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 1.24
Return on Average Assets (%) (TTM) (7.97 )
Return on Average Equity (%) (TTM) (43.39 )
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