Petro Rabigh swings to SAR 32.7 mln loss in Q1

20/04/2016 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss of SAR 32.7 million for the first quarter of 2016, versus a net profit of SAR 205.4 million in the same period last year, mainly due to lower refinery margins and lower sales due to the gradual start-up after a shutdown for maintenance.

 

However, the company was able to narrow its loss for the period by 96.7 percent when compared to the previous quarter’s SAR 1 billion loss due to higher production and sales.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 7,648.01 4,947.26 (35.3 %)
Gross Income 577.44 221.46 (61.6 %)
Operating Income 225.34 (9.53) (104.2 %)
Net Income 205.43 (36.64) (117.8 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.16 (0.03) (117.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2013 14,195.60 (4.4 %) (6.50) (103.8 %) (210.91) (239.1 %)
Q3 2013 12,539.61 (19.1 %) 201.93 (68.7 %) 27.94 (93.9 %)
Q4 2013 13,673.13 (12.7 %) 715.18 116.6 % 498.43 380.2 %
Q1 2014 14,235.50 39.7 % 672.14 249.5 % 416.31 166.2 %
Q2 2014 14,040.48 (1.1 %) 446.38 6968.4 % 192.36 191.2 %
Q3 2014 14,814.36 18.1 % 558.23 176.4 % 306.15 995.8 %
Q4 2014 11,146.41 (18.5 %) 48.49 (93.2 %) (181.08) (136.3 %)
Q1 2015 7,648.01 (46.3 %) 577.44 (14.1 %) 225.34 (45.9 %)
Q2 2015 8,495.54 (39.5 %) 740.32 65.9 % 493.77 156.7 %
Q3 2015 6,674.60 (54.9 %) (250.09) (144.8 %) (463.33) (251.3 %)
Q4 2015 2,695.71 (75.8 %) (772.34) (1692.7 %) (1015.87) (461.0 %)
Q1 2016 4,947.26 (35.3 %) 221.46 (61.6 %) (9.53) (104.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 - (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)
Q2 2013 (236.70) (126.8 %) (0.19) - (236.70) (0.19)
Q3 2013 14.03 (96.6 %) 0.01 - 14.03 0.01
Q4 2013 1,239.91 1721.5 % 0.99 - 489.91 0.39
Q1 2014 413.05 162.8 % 0.33 - 413.05 0.33
Q2 2014 171.98 172.7 % 0.14 - 171.98 0.14
Q3 2014 294.33 1997.6 % 0.24 - 294.33 0.24
Q4 2014 (197.92) (116.0 %) (0.16) - (197.92) (0.16)
Q1 2015 205.43 (50.3 %) 0.16 - 205.43 0.16
Q2 2015 504.92 193.6 % 0.40 - 504.92 0.40
Q3 2015 (460.12) (256.3 %) (0.37) - (460.12) (0.37)
Q4 2015 (1008.73) (409.7 %) (0.81) - (1008.73) (0.81)
Q1 2016 (36.64) (117.8 %) (0.03) - (36.64) (0.03)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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
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

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average (193.00) (36.64) 81.02 %

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
Riyad Capital (193.00) (36.64) 81.0 %


Financial Ratios
Current
Market Cap (M Riyal) 11,914.23
Enterprise Value (EV) (M) 42,709.26
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 1.30
Return on Average Assets (%) (TTM) (7.97 )
Return on Average Equity (%) (TTM) (43.39 )
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Share Price

Rabigh Refining and Petrochemical Co.
7.13
(0.18) (2.46 %)

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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