Petro Rabigh turns to net profit of SAR 1.366 bln in H1 2021

27/07/2021 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to a net profit after Zakat and tax of SAR 1.366 billion for the first half of 2021, against a net loss of SAR 3.232 billion in prior-year period.

 

The company attributed the strong performance to improved petrochemicals product margins and better market conditions, driven by a gradual recovery of the global economy from the COVID-19 pandemic. Moreover, the company’s complex was totally shutdown in the last period for periodic test & inspection activities for 60 days, coupled with lower demand and margins on petrochemical products due to the on-going pandemic.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 6,768.02 21,244.80 213.9 %
Gross Income (1838.58) 2,653.38 244.3 %
Operating Income (2503.16) 1,902.37 176.0 %
Net Income (3231.92) 1,366.32 142.3 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) (2.58) 1.09 142.3 %

In Q2 2021, the company turned to a net profit after Zakat and tax of SAR 717 million, against a net loss of SAR 1.43 billion a year earlier. Petro Rabigh’s performance was lifted by improved margins on petrochemicals products and better market conditions, driven by a gradual recovery of the global economy from the COVID-19 pandemic.

 

On a quarterly basis, Petro Rabigh’s net profit grew by 10.4% from SAR 649 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 2,706.39 11,109.27 310.5 %
Gross Income (453.08) 1,367.05 401.7 %
Operating Income (788.61) 989.49 225.5 %
Net Income (1435.09) 716.94 150.0 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) (1.15) 0.57 150.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2019 7,860.24 (6.0 %) (261.02) (196.2 %) (886.71) (740.3 %) (0.71)
Q1 2020 4,061.63 (51.8 %) (1385.50) (269.4 %) (1796.83) (799.6 %) (1.44)
Q2 2020 2,706.39 (70.0 %) (453.08) (255.9 %) (1435.09) (365.3 %) (1.15)
Q3 2020 7,051.72 (19.3 %) 133.19 (84.7 %) (609.80) (254.7 %) (0.49)
Q4 2020 8,050.46 2.4 % 802.78 407.6 % 60.61 106.8 % 0.05
Q1 2021 10,135.53 149.5 % 1,286.33 192.8 % 649.37 136.1 % 0.52
Q2 2021 11,109.27 310.5 % 1,367.05 401.7 % 716.94 150.0 % 0.57

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2019 5.04 % 8.05 % (1.60 %)
Q1 2020 (1.63 %) 2.47 % (8.75 %)
Q2 2020 (5.26 %) 1.02 % (15.94 %)
Q3 2020 (9.07 %) (1.80 %) (21.81 %)
Q4 2020 (4.13 %) 3.21 % (17.29 %)
Q1 2021 6.33 % 12.28 % (4.78 %)
Q2 2021 9.88 % 14.42 % 2.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2019 1,250.63 (0.44) (0.44) 8.03
Q1 2020 1,250.63 (2.08) (2.08) 6.59
Q2 2020 1,250.63 (2.98) (2.98) 5.44
Q3 2020 1,250.63 (3.78) (3.78) 4.96
Q4 2020 1,250.63 (3.02) (3.02) 4.96
Q1 2021 1,250.63 (1.07) (1.07) 5.48
Q2 2021 1,250.63 0.65 0.65 6.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2019 NEG NEG 2.53
Q1 2020 NEG NEG 1.52
Q2 2020 NEG NEG 2.31
Q3 2020 NEG NEG 2.95
Q4 2020 NEG NEG 2.61
Q1 2021 NEG NEG 2.88
Q2 2021 33.67 33.67 3.63

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
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
Q4 2019 5,387.40 2,472.84
Q1 2020 2,632.33 1,429.31
Q2 2020 1,726.85 979.54
Q3 2020 4,196.94 2,854.78
Q4 2020 4,657.58 3,392.88
Q1 2021 6,339.68 3,795.84
Q2 2021 6,401.95 4,707.33

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 1,052.80 716.94 (31.9 %)

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
OSOOL AND BAKHEET 1,052.80 716.94 (31.9) %

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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