Financial Results : Petro Rabigh posts higher net loss at SAR 658.1m in Q1 of 2013

Petro Rabigh posts higher net loss at SAR 658.1m in Q1 of 2013

31/03/2013 Argaam Exclusive

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Rabigh Refining and Petrochemical Company (Petro Rabigh), which operates an integrated refinery and petrochemical complex,  reported SAR 658.1m net loss at the end of the first quarter of 2013, compared to SAR 115.8m net profit in the same quarter last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Revenues 15,998.12 10,189.36 (36.3 %)
Gross Income 381.45 (449.51) (217.8 %)
Operating Income 151.39 (628.46) (515.1 %)
Net Income 115.85 (658.06) (668.1 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.09 (0.53) (668.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 - - - - - -
Q2 2004 - - - - - -
Q3 2004 - - - - - -
Q4 2004 - - - - - -
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - (66.22) -
Q2 2007 - - - - (97.18) -
Q3 2007 - - - - (66.27) -
Q4 2007 - - - - (193.23) -
Q1 2008 - - - - (110.59) (67.0 %)
Q2 2008 - - - - (125.72) (29.4 %)
Q3 2008 - - - - (157.95) (138.3 %)
Q4 2008 6,543.34 - (621.89) - (907.29) (369.5 %)
Q1 2009 5,629.22 - 107.04 - (38.90) 64.8 %
Q2 2009 6,147.55 - (67.37) - (240.06) (91.0 %)
Q3 2009 7,301.02 - (582.14) - (745.59) (372.0 %)
Q4 2009 10,344.92 58.1 % 87.12 114.0 % (184.44) 79.7 %
Q1 2010 10,676.41 89.7 % 159.49 49.0 % (49.76) (27.9 %)
Q2 2010 12,000.67 95.2 % 314.81 567.3 % 82.93 134.5 %
Q3 2010 11,274.84 54.4 % (23.30) 96.0 % (213.08) 71.4 %
Q4 2010 12,885.98 24.6 % 277.66 218.7 % 67.11 136.4 %
Q1 2011 15,053.32 41.0 % 939.15 488.8 % 709.57 1525.9 %
Q2 2011 7,629.24 (36.4 %) (178.88) (156.8 %) (389.08) (569.2 %)
Q3 2011 14,100.10 25.1 % (78.14) (235.4 %) (271.42) (27.4 %)
Q4 2011 16,594.17 28.8 % 302.06 8.8 % 53.72 (20.0 %)
Q1 2012 15,998.12 6.3 % 381.45 (59.4 %) 151.39 (78.7 %)
Q2 2012 14,844.32 94.6 % 173.23 196.8 % (62.19) 84.0 %
Q3 2012 15,503.01 9.9 % 644.33 924.6 % 460.97 269.8 %
Q4 2012 15,665.42 (5.6 %) 330.16 9.3 % 103.79 93.2 %
Q1 2013 10,189.36 (36.3 %) (449.51) (217.8 %) (628.46) (515.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 - - - - - -
Q2 2004 - - - - - -
Q3 2004 - - - - - -
Q4 2004 - - - - - -
Q1 2005 - - - - - -
Q2 2005 - - - - - -
Q3 2005 - - - - - -
Q4 2005 - - - - - -
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 (83.51) - (0.11) - (83.51) (0.11)
Q2 2007 (71.79) - (0.08) - (71.79) (0.08)
Q3 2007 (90.74) - (0.10) - (90.74) (0.10)
Q4 2007 (196.53) - (0.21) - (196.53) (0.21)
Q1 2008 (82.11) 1.7 % (0.07) - (82.11) (0.07)
Q2 2008 (115.45) (60.8 %) (0.09) - (115.45) (0.09)
Q3 2008 (155.88) (71.8 %) (0.12) - (155.88) (0.12)
Q4 2008 (902.80) (359.4 %) (0.72) - (902.80) (0.72)
Q1 2009 (28.69) 65.1 % (0.02) - (28.69) (0.02)
Q2 2009 (235.96) (104.4 %) (0.19) - (235.96) (0.19)
Q3 2009 (844.67) (441.9 %) (0.68) - (844.67) (0.68)
Q4 2009 (323.74) 64.1 % (0.26) - (323.74) (0.26)
Q1 2010 271.54 1046.5 % 0.22 - 271.54 0.22
Q2 2010 121.78 151.6 % 0.10 - 121.78 0.10
Q3 2010 (237.19) 71.9 % (0.19) - (237.19) (0.19)
Q4 2010 52.56 116.2 % 0.04 310.84 (258.28) (0.21)
Q1 2011 698.47 157.2 % 0.56 - 698.47 0.56
Q2 2011 (402.32) (430.4 %) (0.32) - (402.32) (0.32)
Q3 2011 (280.57) (18.3 %) (0.22) - (280.57) (0.22)
Q4 2011 50.32 (4.3 %) 0.04 - 50.32 0.04
Q1 2012 115.85 (83.4 %) 0.09 - 115.85 0.09
Q2 2012 (104.36) 74.1 % (0.08) - (104.36) (0.08)
Q3 2012 409.31 245.9 % 0.33 - 409.31 0.33
Q4 2012 68.07 35.3 % 0.05 - 68.07 0.05
Q1 2013 (658.06) (668.1 %) (0.53) - (658.06) (0.53)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 (9.50 %) (15.72 %) (19.20 %)
Q1 2009 (4.23 %) (6.51 %) (9.88 %)
Q2 2009 (3.18 %) (4.06 %) (7.22 %)
Q3 2009 (4.54 %) (4.51 %) (7.85 %)
Q4 2009 (1.55 %) (0.49 %) (4.87 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 - - - -
Q2 2004 - - - -
Q3 2004 - - - -
Q4 2004 - - - -
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 749.52 - - 6.66
Q2 2007 937.97 - - 6.65
Q3 2007 937.97 - - 6.56
Q4 2007 937.97 (0.47) (0.47) 6.35
Q1 2008 1,250.63 (0.35) (0.35) 8.34
Q2 2008 1,250.63 (0.39) (0.39) 8.25
Q3 2008 1,250.63 (0.44) (0.44) 8.13
Q4 2008 1,250.63 (1.00) (1.00) 7.41
Q1 2009 1,250.63 (0.96) (0.96) 7.38
Q2 2009 1,250.63 (1.06) (1.06) 7.20
Q3 2009 1,250.63 (1.61) (1.61) 6.52
Q4 2009 1,250.63 (1.15) (1.15) 6.26
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 NEG NEG 5.53
Q2 2008 NEG NEG 6.66
Q3 2008 NEG NEG 4.45
Q4 2008 NEG NEG 1.97
Q1 2009 NEG NEG 2.61
Q2 2009 NEG NEG 3.67
Q3 2009 NEG NEG 5.01
Q4 2009 NEG NEG 5.31
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

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
Q1 2009 5,629.22 -
Q2 2009 6,147.55 -
Q3 2009 6,993.09 307.92
Q4 2009 9,127.26 1,217.67
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


Financial Ratios
Current
Market Cap (M Riyal) 13,618.65
Enterprise Value (EV) (M) 41,903.23
Shares Outstanding ((M)) 1,671.00
EPS ( Riyal) (TTM) (3.08)
Book Value (BV) ( Riyal) 6.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.29
Return on Average Assets (%) (TTM) (8.04 )
Return on Average Equity (%) (TTM) (45.74 )
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Share Price

Rabigh Refining and Petrochemical Co.
8.15
(0.15) (1.81 %)

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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