Financial Results : SARCO's 2014 net profit up 33% to SAR 20.9mln

SARCO's 2014 net profit up 33% to SAR 20.9mln

24/02/2015 Argaam Exclusive

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Saudi Arabia Refineries Company "SARCO", that invests in various companies, reported 2014’s net profit of SAR 20.9

million, a 69 percent increase compared to the last year.

A net loss of SAR 3.58 million was reported for Q4-2014 compared to SAR 7.2 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Operating Income (3.02) (2.67) 11.6 %
Net Income 15.56 20.93 34.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) 1.04 1.40 34.5 %

 

The company attributed the increase of 2014’s net profit, compared to the last year, to the increase of the company’s revenue from investment income investee companies and revenues from the profit of associated companies during the period.

 

Reporting a net profit for Q4-2014 compared to the same period last year was attributed to higher share of the profit of the company’s share in the profit of affiliated company Arab Tanks terminals during this quarter.

 

The decline of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to the decrease of the company’s revenue from the investee companies and the decrease of revenue from affiliated companies,

(reversing an amount of SAR 2,312,640) previously recorded in accruals and other payables during the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Operating Income (1.27) (0.72) 43.3 %
Net Income (0.81) (3.58) (341.2 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.05) (0.24) (341.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 - - - - (0.52) (136.2 %)
Q2 2005 - - - - (0.81) (234.2 %)
Q3 2005 - - - - (0.35) (10.9 %)
Q4 2005 - - - - (0.34) 34.0 %
Q1 2006 - - - - (0.14) 72.4 %
Q2 2006 - - - - (0.51) 37.8 %
Q3 2006 - - - - (0.39) (12.4 %)
Q4 2006 - - - - (1.15) (237.1 %)
Q1 2007 - - - - (0.25) (75.4 %)
Q2 2007 - - - - (0.46) 8.1 %
Q3 2007 - - - - (0.28) 28.2 %
Q4 2007 - - - - (1.34) (16.6 %)
Q1 2008 - - - - (1.31) (424.9 %)
Q2 2008 - - - - (0.27) 41.2 %
Q3 2008 - - - - (0.93) (233.6 %)
Q4 2008 - - - - (0.52) 60.9 %
Q1 2009 - - - - (0.58) 55.9 %
Q2 2009 - - - - (0.36) (31.5 %)
Q3 2009 - - - - (0.12) 86.9 %
Q4 2009 - - - - (0.22) 57.1 %
Q1 2010 - - - - (0.70) (21.2 %)
Q2 2010 - - - - (0.30) 16.2 %
Q3 2010 - - - - (0.32) (161.5 %)
Q4 2010 - - - - (0.24) (5.8 %)
Q1 2011 - - - - (0.73) (5.2 %)
Q2 2011 - - - - (0.35) (15.9 %)
Q3 2011 - - - - (0.27) 15.4 %
Q4 2011 - - - - (0.89) (275.1 %)
Q1 2012 - - - - (0.73) 1.1 %
Q2 2012 - - - - (0.37) (5.7 %)
Q3 2012 - - - - (0.49) (82.6 %)
Q4 2012 - - - - (0.81) 8.4 %
Q1 2013 - - - - (0.66) 8.5 %
Q2 2013 - - - - (0.66) (79.7 %)
Q3 2013 - - - - (0.55) (12.2 %)
Q4 2013 - - - - (1.27) (56.5 %)
Q1 2014 - - - - (0.80) (20.5 %)
Q2 2014 - - - - (0.82) (24.1 %)
Q3 2014 - - - - (0.33) 41.2 %
Q4 2014 - - - - (0.72) 43.3 %
2014 - - - - (2.67) 11.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 0.92 (66.4 %) 0.06 - 0.92 0.06
Q2 2005 0.52 (56.0 %) 0.03 - 0.52 0.03
Q3 2005 1.09 40.3 % 0.07 - 1.09 0.07
Q4 2005 1.03 (65.5 %) 0.07 - 1.03 0.07
Q1 2006 1.03 11.0 % 0.07 - 1.03 0.07
Q2 2006 1.12 115.4 % 0.07 - 1.12 0.07
Q3 2006 0.86 (21.8 %) 0.06 - 0.86 0.06
Q4 2006 7.74 650.7 % 0.52 - 7.74 0.52
Q1 2007 1.10 7.4 % 0.07 - 1.10 0.07
Q2 2007 1.13 1.1 % 0.08 - 1.13 0.08
Q3 2007 96.59 11196.8 % 6.44 - 96.59 6.44
Q4 2007 0.01 (99.9 %) 0.00 - 0.01 0.00
Q1 2008 98.55 8843.2 % 6.57 - 98.55 6.57
Q2 2008 8.65 666.9 % 0.58 - 8.65 0.58
Q3 2008 (0.38) (100.4 %) (0.03) - (0.38) (0.03)
Q4 2008 0.84 16640.0 % 0.06 - 0.84 0.06
Q1 2009 0.08 (99.9 %) 0.01 - 0.08 0.01
Q2 2009 0.30 (96.5 %) 0.02 - 0.30 0.02
Q3 2009 0.63 266.8 % 0.04 - 0.63 0.04
Q4 2009 2.11 152.6 % 0.14 - 2.11 0.14
Q1 2010 0.75 904.0 % 0.05 - 0.75 0.05
Q2 2010 8.68 2794.0 % 0.58 - 8.68 0.58
Q3 2010 0.52 (18.0 %) 0.03 - 0.52 0.03
Q4 2010 2.32 9.6 % 0.15 - 2.32 0.15
Q1 2011 0.75 (0.3 %) 0.05 - 0.75 0.05
Q2 2011 8.19 (5.6 %) 0.55 - 8.19 0.55
Q3 2011 0.46 (12.2 %) 0.03 - 0.46 0.03
Q4 2011 1.53 (34.0 %) 0.10 - 1.53 0.10
Q1 2012 0.64 (15.0 %) 0.04 - 0.64 0.04
Q2 2012 15.47 88.8 % 1.03 - 15.47 1.03
Q3 2012 0.57 25.9 % 0.04 - 0.57 0.04
Q4 2012 0.13 (91.5 %) 0.01 - 0.13 0.01
Q1 2013 0.73 14.6 % 0.05 - 0.73 0.05
Q2 2013 14.24 (8.0 %) 0.95 - 14.24 0.95
Q3 2013 1.27 120.9 % 0.08 - 1.27 0.08
Q4 2013 (0.81) (723.8 %) (0.05) - (0.81) (0.05)
Q1 2014 2.95 303.0 % 0.20 1.00 1.95 0.13
Q2 2014 14.35 0.8 % 0.96 - 14.35 0.96
Q3 2014 7.21 469.2 % 0.48 - 8.21 0.55
Q4 2014 (3.58) (341.2 %) (0.24) 1.00 (4.58) (0.31)
2014 20.93 34.5 % 1.40 1.00 19.93 1.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
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 - - -
2014 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 15.00 0.39 0.39 50.68
Q2 2005 15.00 0.35 0.35 60.81
Q3 2005 15.00 0.37 0.37 68.71
Q4 2005 15.00 0.24 0.24 32.22
Q1 2006 15.00 0.24 0.24 30.00
Q2 2006 15.00 0.28 0.28 27.31
Q3 2006 15.00 0.27 0.27 18.76
Q4 2006 15.00 0.72 0.72 22.03
Q1 2007 15.00 0.72 0.72 22.84
Q2 2007 15.00 0.72 0.72 27.42
Q3 2007 15.00 7.10 7.10 38.16
Q4 2007 15.00 6.59 6.59 39.79
Q1 2008 15.00 13.09 13.09 38.09
Q2 2008 15.00 13.59 13.59 40.29
Q3 2008 15.00 7.12 7.12 39.99
Q4 2008 15.00 7.18 7.18 14.11
Q1 2009 15.00 0.61 0.61 16.29
Q2 2009 15.00 0.06 0.06 22.57
Q3 2009 15.00 0.12 0.12 26.80
Q4 2009 15.00 0.21 0.21 25.67
Q1 2010 15.00 0.25 0.25 25.82
Q2 2010 15.00 0.81 0.81 21.38
Q3 2010 15.00 0.80 0.80 22.43
Q4 2010 15.00 0.82 0.82 26.57
Q1 2011 15.00 0.82 0.82 27.48
Q2 2011 15.00 0.79 0.79 27.42
Q3 2011 15.00 0.78 0.78 23.79
Q4 2011 15.00 0.73 0.73 23.43
Q1 2012 15.00 0.72 0.72 29.33
Q2 2012 15.00 1.21 1.21 25.43
Q3 2012 15.00 1.21 1.21 28.05
Q4 2012 15.00 1.12 1.12 27.72
Q1 2013 15.00 1.13 1.13 28.03
Q2 2013 15.00 1.04 1.04 31.35
Q3 2013 15.00 1.09 1.09 31.96
Q4 2013 15.00 1.03 1.03 38.17
Q1 2014 15.00 1.18 1.11 40.50
Q2 2014 15.00 1.18 1.12 42.44
Q3 2014 15.00 1.58 1.58 46.80
Q4 2014 15.00 1.40 1.33 31.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 More than 100 More than 100 1.47
Q2 2005 More than 100 More than 100 1.38
Q3 2005 More than 100 More than 100 1.22
Q4 2005 More than 100 More than 100 5.59
Q1 2006 More than 100 More than 100 5.86
Q2 2006 More than 100 More than 100 8.22
Q3 2006 More than 100 More than 100 11.47
Q4 2006 More than 100 More than 100 3.34
Q1 2007 More than 100 More than 100 4.33
Q2 2007 More than 100 More than 100 2.64
Q3 2007 11.49 11.49 2.14
Q4 2007 14.42 14.42 2.39
Q1 2008 5.23 5.23 1.80
Q2 2008 5.00 5.00 1.69
Q3 2008 8.65 8.65 1.54
Q4 2008 8.08 8.08 4.11
Q1 2009 68.92 68.92 2.59
Q2 2009 More than 100 More than 100 2.29
Q3 2009 More than 100 More than 100 1.91
Q4 2009 More than 100 More than 100 1.94
Q1 2010 More than 100 More than 100 1.86
Q2 2010 44.21 44.21 1.68
Q3 2010 43.51 43.51 1.56
Q4 2010 44.01 44.01 1.35
Q1 2011 39.73 39.73 1.18
Q2 2011 59.85 59.85 1.71
Q3 2011 61.83 61.83 2.03
Q4 2011 More than 100 More than 100 3.38
Q1 2012 More than 100 More than 100 2.55
Q2 2012 44.56 44.56 2.11
Q3 2012 56.22 56.22 2.43
Q4 2012 53.98 53.98 2.18
Q1 2013 55.02 55.02 2.21
Q2 2013 56.71 56.71 1.89
Q3 2013 54.76 54.76 1.87
Q4 2013 57.13 57.13 1.54
Q1 2014 57.82 61.30 1.68
Q2 2014 62.86 66.61 1.75
Q3 2014 53.67 53.67 1.81
Q4 2014 35.42 37.20 1.55


Financial Ratios
Current
Market Cap (M Riyal) 1,111.50
Enterprise Value (EV) (M) 776.26
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (0.80)
Book Value (BV) ( Riyal) 25.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.93
Return on Average Assets (%) (TTM) (2.83 )
Return on Average Equity (%) (TTM) (2.88 )
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Share Price

Saudi Arabia Refineries Co.
74.10
(0.30) (0.40 %)

Saudi Arabia Refineries Co. (SARCO)

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