Saudi Aramco posts 50% profit drop to SAR 88.9 bln in H1 2020

09/08/2020 Argaam Exclusive

The Saudi Arabian Oil Co. (Saudi Aramco) posted a 50% drop in net profit after Zakat and tax to SAR 88.9 billion for H1 2020, compared to SAR 176 billion in H1 2019.

 

The decrease was attributed to lower prices, inventory reassessment losses, as well as lower refining and chemicals margins on 2020 net income.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 619,941.00 389,699.00 (37.1 %)
Gross Income 390,047.00 232,557.00 (40.4 %)
Operating Income 347,877.00 182,824.00 (47.4 %)
Net Income 176,017.00 88,902.00 (49.5 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.73 0.37 (49.5 %)

The second quarter net profit after Zakat and tax plunged 73% to SAR 24.6 billion, compared to SAR 92.6 billion a year earlier.

 

The slump was attributed to the impact of lower crude prices, declining refining and chemicals margins, a decrease in the royalty rate from 20% to 15%, lower income taxes and Zakat due to lower earnings, along with higher other income related to gas products sales.

 

When compared to the previous quarter, net profit plummeted 60.6%, mainly due to lower crude prices, lower income taxes and Zakat, as well as the absence of inventory reassessment losses that impacted the first quarter of 2020.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 322,307.00 139,354.00 (56.8 %)
Gross Income 202,770.00 81,121.00 (60.0 %)
Operating Income 181,256.00 53,092.00 (70.7 %)
Net Income 92,791.00 25,370.00 (72.7 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.38 0.10 (72.7 %)

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Share Price

Saudi Arabian Oil Co.
27.50
0.40 1.48 %

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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Financial Ratios
Current
Market Cap (M Riyal) 6,655,000.00
Enterprise Value (EV) (M) 6,790,948.00
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.80
Book Value (BV) ( Riyal) 6.23
Par Value -
Adjusted P/E (Last12) 15.15
P/E (TTM) 15.27
Price/book 4.41
Return on Average Assets (%) (TTM) 17.8
Return on Average Equity (%) (TTM) 28.7
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