Petro Rabigh reports 56% profit drop in 9M 2019

29/10/2019 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit after zakat and tax of SAR 343 million for the first nine months of 2019, a slump of 55.68 percent year-on-year (YoY), driven by lower profit margins despite stable operating performance.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 32,640.40 26,201.74 (19.7 %)
Gross Income 2,043.73 1,978.93 (3.2 %)
Operating Income 1,018.47 1,001.77 (1.6 %)
Net Income 774.09 342.56 (55.7 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.62 0.27 (55.7 %)

The petrochemicals producer’s net profit after zakat and tax for Q3 2019 jumped 62.14 percent YoY to SAR 394 million, due to higher profit margins and improved operating performance.

 

On a sequential basis, the company swung to profit in Q3 2019.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 12,041.25 8,742.11 (27.4 %)
Gross Income 607.50 870.60 43.3 %
Operating Income 343.71 595.98 73.4 %
Net Income 243.44 394.17 61.9 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.19 0.32 61.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2018 8,357.79 (12.2 %) 271.31 (69.7 %) (105.53) (116.5 %) (0.08)
Q1 2019 8,428.02 (14.5 %) 817.68 5.9 % 256.84 (13.3 %) 0.21
Q2 2019 9,031.62 (15.9 %) 290.65 (56.2 %) (308.45) (231.5 %) (0.25)
Q3 2019 8,742.11 (27.4 %) 870.60 43.3 % 394.17 61.9 % 0.32

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2018 5.65 % 8.20 % 1.63 %
Q1 2019 5.97 % 8.57 % 1.59 %
Q2 2019 5.25 % 7.92 % 0.23 %
Q3 2019 6.51 % 9.27 % 0.69 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2018 1,250.63 0.53 0.53 8.43
Q1 2019 1,250.63 0.50 0.50 8.68
Q2 2019 1,250.63 0.07 0.07 8.51
Q3 2019 1,250.63 0.19 0.19 8.88

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2018 33.42 33.42 2.12
Q1 2019 37.77 37.77 2.19
Q2 2019 More than 100 More than 100 2.29
Q3 2019 98.10 98.10 2.09

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
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
Q4 2018 6,444.51 1,913.28
Q1 2019 6,512.69 1,915.32
Q2 2019 7,046.58 1,985.04
Q3 2019 6,930.13 1,811.98

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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