Saudi Aramco posts 49% profit slump to SAR 131.3 bln in 9M 2020

03/11/2020 Argaam Exclusive

The Saudi Arabian Oil Co. (Saudi Aramco) posted a 49% drop in net profit after Zakat and tax to SAR 131.3 billion for the first nine months of 2020, compared to SAR 255.7 billion in the corresponding period last year.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 924,587.00 618,293.00 (33.1 %)
Gross Income 575,857.00 361,936.00 (37.1 %)
Operating Income 513,073.00 278,870.00 (45.6 %)
Net Income 255,805.00 133,180.00 (47.9 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 1.06 0.55 (47.9 %)

The decrease was attributed to lower crude prices, sales volumes, and reduced refining and chemicals margins.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 304,646.00 228,594.00 (25.0 %)
Gross Income 185,810.00 129,379.00 (30.4 %)
Operating Income 165,196.00 96,046.00 (41.9 %)
Net Income 79,788.00 44,278.00 (44.5 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.33 0.18 (44.5 %)

The third quarter net profit after Zakat and tax fell by 45% to SAR 44.2 billion, compared to SAR 79.84 billion a year earlier. 

 

The slump was attributed to the impact of lower crude prices, sales volumes, weaker refining and chemicals margins. It was, however, partly offset by 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.

 

On a sequential basis, net profit surged 79.6%, backed by higher crude oil prices, partly offset by a decrease in crude oil volumes sold, and an increase in income taxes and Zakat mainly due to higher earnings for the third quarter.

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Share Price

Saudi Arabian Oil Co.
28.45
(0.55) (1.90 %)

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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Financial Ratios
Current
Market Cap (M Riyal) 6,884,900.00
Enterprise Value (EV) (M) 7,068,990.00
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.69
Book Value (BV) ( Riyal) 6.15
Par Value -
Adjusted P/E (Last12) 16.78
P/E (TTM) 16.79
Price/book 4.62
Return on Average Assets (%) (TTM) 16.5
Return on Average Equity (%) (TTM) 27.0
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