Financial Results : Saudi Aramco posts 24% profit drop to SAR 63.52 bln in Q1 2020

Saudi Aramco posts 24% profit drop to SAR 63.52 bln in Q1 2020

12/05/2020 Argaam Exclusive

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The Saudi Arabian Oil Co. (Saudi Aramco) posted a 24% year-on-year (YoY) drop in net profit after Zakat and tax to SAR 63.53 billion for Q1 2020, compared to SAR 83.23 billion in Q1 2019. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 297,634.00 250,345.00 (15.9 %)
Gross Income 187,277.00 151,436.00 (19.1 %)
Operating Income 166,621.00 129,732.00 (22.1 %)
Net Income 83,226.00 63,532.00 (23.7 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.34 0.26 (23.7 %)

The decrease was attributed to lower crude oil prices, declining refining and chemical margins, as well as inventory revaluation losses.

 

Shareholders’ equity after minority interest stood at SAR 1.07 trillion in Q1 2020, compared to SAR 1.03 trillion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 287,510.00 - 193,232.00 - 174,917.00 -
Q2 2018 341,276.00 - 222,990.00 - 204,651.00 -
Q3 2018 363,374.00 - 240,041.00 - 217,347.00 -
Q4 2018 354,857.00 - 216,943.00 - 201,490.00 -
Q1 2019 297,634.00 3.5 % 187,277.00 (3.1 %) 166,621.00 (4.7 %)
Q2 2019 322,307.00 (5.6 %) 202,770.00 (9.1 %) 181,256.00 (11.4 %)
Q3 2019 304,646.00 (16.2 %) 185,810.00 (22.6 %) 165,196.00 (24.0 %)
Q4 2019 312,198.00 (12.0 %) 188,077.00 (13.3 %) 161,798.00 (19.7 %)
Q1 2020 250,345.00 (15.9 %) 151,436.00 (19.1 %) 129,732.00 (22.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 91,787.00 - 0.38 - 91,787.00 0.38
Q2 2018 106,574.00 - 0.44 - 106,574.00 0.44
Q3 2018 113,375.00 - 0.47 - 113,375.00 0.47
Q4 2018 104,460.00 - 0.43 - 104,460.00 0.43
Q1 2019 83,226.00 (9.3 %) 0.34 - 83,226.00 0.34
Q2 2019 92,791.00 (12.9 %) 0.38 - 92,791.00 0.38
Q3 2019 79,788.00 (29.6 %) 0.33 - 79,788.00 0.33
Q4 2019 75,011.00 (28.2 %) 0.31 - 75,011.00 0.31
Q1 2020 63,532.00 (23.7 %) 0.26 - 63,532.00 0.26

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 64.83 % 60.87 % 30.90 %
Q1 2019 63.90 % 60.72 % 30.04 %
Q2 2019 63.30 % 60.72 % 29.43 %
Q3 2019 61.96 % 59.63 % 28.16 %
Q4 2019 61.77 % 58.63 % 26.75 %
Q1 2020 61.21 % 58.08 % 26.16 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 242,000.00 - - -
Q2 2018 242,000.00 - - -
Q3 2018 242,000.00 - - -
Q4 2018 242,000.00 1.72 1.72 4.20
Q1 2019 242,000.00 1.68 1.68 -
Q2 2019 242,000.00 1.63 1.63 4.19
Q3 2019 242,000.00 1.49 1.49 4.29
Q4 2019 242,000.00 1.37 1.37 4.28
Q1 2020 242,000.00 1.29 1.29 4.42

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 21.32 21.32 6.81
Q1 2020 19.39 19.39 5.64

Business Segments (Million)

Compared With The
Period upstream Downstream companies Eliminations
Q1 2019 237,105.00 122,907.00 339.00 (62717.00)
Q2 2019 257,113.00 136,125.00 345.00 (71276.00)
Q3 2019 236,714.00 130,565.00 362.00 (62995.00)
Q4 2019 239,463.00 137,822.00 593.00 (65680.00)
Q1 2020 192,737.00 112,283.00 484.00 (55159.00)

Analysts Estimates (Million)

Item Q1 2020 (e) Q1 2020 (a) Change‬
Average 76,090.00 63,532.00 (16.5 %)

Estimates vs Actual (Million)

Item Q1 2020 (e) Q1 2020 (a) Change
Al Rajhi Capital 76,090.00 63,532.00 (16.5) %


Financial Ratios
Current
Market Cap (M Riyal) 6,763,900.00
Enterprise Value (EV) (M) 6,947,990.00
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.69
Book Value (BV) ( Riyal) 6.15
Par Value -
Adjusted P/E (Last12) 16.49
P/E (TTM) 16.50
Price/book 4.54
Return on Average Assets (%) (TTM) 16.5
Return on Average Equity (%) (TTM) 27.0
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Share Price

Saudi Arabian Oil Co.
27.95
(0.05) (0.18 %)

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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