Financial Results : Petro Rabigh swings to profit of SAR 782 mln in 9M 2017

Petro Rabigh swings to profit of SAR 782 mln in 9M 2017

31/10/2017 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit of SAR 782 million in the first nine months of 2017 compared to a net loss of SAR 146 million a year. The swing to profit came about on stable production process, an improvement in operational performance, an increase in refinery margins on refined products and higher sales volume and petrochemical prices.



Financials (M)

Item 9m 2016 9m 2017 Change‬
Revenues 17,658.63 24,687.34 39.8 %
Gross Income 647.31 1,801.61 178.3 %
Operating Income (95.00) 1,029.80 1184.0 %
Net Income (146.19) 782.44 635.2 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) (0.12) 0.63 635.2 %

The company posted a net profit of SAR 706 million for the third quarter versus a net loss of SAR 211 million in the same quarter last year.

 

Q3 net profit more than doubled compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2016 Q3 2017 Change‬
Revenues 6,375.62 9,141.32 43.4 %
Gross Income 25.03 1,101.80 4301.9 %
Operating Income (201.43) 809.76 502.0 %
Net Income (210.55) 706.47 435.5 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) (0.17) 0.56 435.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2016 6,335.74 (25.4 %) 400.82 (45.9 %) 115.95 (76.5 %)
Q3 2016 6,375.62 (4.5 %) 25.03 110.0 % (201.43) 56.5 %
Q4 2016 7,487.51 177.8 % 460.12 159.6 % 217.56 121.4 %
Q1 2017 6,702.23 35.5 % 65.14 (70.6 %) (172.65) (1,711.3 %)
Q2 2017 8,843.80 39.6 % 634.67 58.3 % 392.70 238.7 %
Q3 2017 9,141.32 43.4 % 1,101.80 4301.9 % 809.76 502.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
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 % 0.99 750.00 489.91 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)
Q2 2016 101.00 (80.0 %) 0.08 - 101.00 0.08
Q3 2016 (210.55) 54.2 % (0.17) - (210.55) (0.17)
Q4 2016 180.98 117.9 % 0.14 - 180.98 0.14
Q1 2017 (239.69) (554.2 %) (0.19) - (239.69) (0.19)
Q2 2017 315.66 212.6 % 0.25 - 315.66 0.25
Q3 2017 706.47 435.5 % 0.56 - 706.47 0.56

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q2 2016 (1.94 %) 4.26 % (6.80 %)
Q3 2016 (0.61 %) 5.96 % (5.67 %)
Q4 2016 4.40 % 10.11 % 0.14 %
Q1 2017 3.54 % 8.81 % (0.63 %)
Q2 2017 4.03 % 9.05 % 0.16 %
Q3 2017 7.03 % 11.47 % 2.99 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2016 1,250.63 (1.12) (1.12) 6.66
Q3 2016 1,250.63 (0.92) (0.92) 6.48
Q4 2016 1,250.63 0.03 0.03 6.71
Q1 2017 1,250.63 (0.13) (0.13) 6.43
Q2 2017 1,250.63 0.04 0.04 6.71
Q3 2017 1,250.63 0.77 0.77 7.34

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2016 NEG NEG 1.62
Q3 2016 NEG NEG 1.43
Q4 2016 More than 100 More than 100 1.64
Q1 2017 NEG NEG 1.85
Q2 2017 More than 100 More than 100 1.59
Q3 2017 16.71 16.71 1.75

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
Q2 2016 4,609.96 1,725.79
Q3 2016 5,036.36 1,339.26
Q4 2016 5,827.73 1,659.77
Q1 2017 5,288.48 1,413.75
Q2 2017 6,781.72 2,062.09
Q3 2017 6,986.55 2,154.77

Analysts Estimates (Million)

Item Q3 2017 (e) Q3 2017 (a) Change‬
Average (20.00) 706.47 3632.33 %

Estimates vs Actual (Million)

Item Q3 2017 (e) Q3 2017 (a) Change
Riyad Capital (20.00) 706.47 3,632.3 %


Financial Ratios
Current
Market Cap (M Riyal) 14,036.40
Enterprise Value (EV) (M) 42,320.98
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 1.33
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.
8.40
(0.07) (0.83 %)

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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