Financial Results : SARCO’s net profit tripled in 9M 2018

SARCO’s net profit tripled in 9M 2018

07/11/2018 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) tripled its net profit year-on-year (YoY), amounting to SAR 5.19 million, in the first nine months of 2018. This is attributed to a provision booked by the company for doubtful debts amounting to SAR 3.86 million to meet an associate’s obligation to local banks during the similar period last year.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Operating Income (5.73) (2.13) 62.8 %
Net Income 1.68 5.19 209.1 %
Average Shares 15.00 15.00 -
EPS (Riyals) 0.11 0.35 209.1 %

The company reported a net profit of SAR 6.9 million in Q3 2018 from a loss of SAR 0.34 million in the same period last year due to dividend received from the Saudi Industrial Investment Group (SIIG), in which the company holds an investment.

 

When compared to previous quarter, turning to a net profit is also attributed to receiving dividend form SIIG for H2 2018.



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Operating Income (0.49) (0.51) (3.9 %)
Net Income (0.34) 6.91 2149.6 %
Average Shares 15.00 15.00 -
EPS (Riyals) (0.02) 0.46 2149.6 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2015 - - - - (1.02) (27.1 %)
Q2 2015 - - - - (0.53) 35.4 %
Q3 2015 - - - - (0.46) (40.3 %)
Q4 2015 - - - - (4.25) (488.5 %)
Q1 2016 - - - - (0.78) 23.1 %
Q2 2016 - - - - (0.48) 10.7 %
Q3 2016 - - - - (0.55) (20.0 %)
Q4 2016 - - - - (1.05) 75.3 %
Q1 2017 - - - - (4.50) (475.4 %)
Q2 2017 - - - - (0.74) (56.0 %)
Q3 2017 - - - - (0.49) 10.2 %
Q4 2017 - - - - (1.05) 0.1 %
Q1 2018 - - - - (1.04) 77.0 %
Q2 2018 - - - - (0.58) 21.3 %
Q3 2018 - - - - (0.51) (3.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2015 (0.67) (122.9 %) (0.04) - (0.67) (0.04)
Q2 2015 16.91 17.8 % 1.13 - 16.91 1.13
Q3 2015 0.10 (98.7 %) 0.01 - 0.10 0.01
Q4 2015 (3.61) (0.9 %) (0.24) - (3.61) (0.24)
Q1 2016 (0.72) (7.1 %) (0.05) - (0.72) (0.05)
Q2 2016 (0.20) (101.2 %) (0.01) - (0.20) (0.01)
Q3 2016 (1.30) (1458.3 %) (0.09) - (1.30) (0.09)
Q4 2016 (1.82) 49.6 % (0.12) - (1.82) (0.12)
Q1 2017 3.04 520.8 % 0.20 - 3.04 0.20
Q2 2017 (1.02) (416.2 %) (0.07) - (1.02) (0.07)
Q3 2017 (0.34) 74.2 % (0.02) - (0.34) (0.02)
Q4 2017 5.64 410.2 % 0.38 - 5.64 0.38
Q1 2018 (1.23) (140.4 %) (0.08) - (1.23) (0.08)
Q2 2018 (0.49) 51.9 % (0.03) - (0.49) (0.03)
Q3 2018 6.91 2149.6 % 0.46 - 6.91 0.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
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 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2015 15.00 1.15 1.15 29.56
Q2 2015 15.00 1.32 1.32 33.68
Q3 2015 15.00 0.85 0.78 24.46
Q4 2015 15.00 0.85 0.85 19.76
Q1 2016 15.00 0.84 0.84 18.11
Q2 2016 15.00 (0.30) (0.30) 18.85
Q3 2016 15.00 (0.39) (0.39) 18.03
Q4 2016 15.00 (0.27) (0.27) 24.10
Q1 2017 15.00 (0.02) (0.02) 26.06
Q2 2017 15.00 (0.07) (0.07) 25.09
Q3 2017 15.00 (0.01) (0.01) 26.07
Q4 2017 15.00 0.49 0.49 24.49
Q1 2018 15.00 0.20 0.20 27.84
Q2 2018 15.00 0.24 0.24 34.49
Q3 2018 15.00 0.72 0.72 33.03

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2015 49.59 49.59 1.94
Q2 2015 44.18 44.18 1.74
Q3 2015 48.14 52.24 1.67
Q4 2015 48.69 48.69 2.09
Q1 2016 39.60 39.60 1.85
Q2 2016 NEG NEG 1.85
Q3 2016 NEG NEG 1.43
Q4 2016 NEG NEG 1.67
Q1 2017 NEG NEG 1.30
Q2 2017 NEG NEG 1.27
Q3 2017 NEG NEG 1.32
Q4 2017 63.84 63.84 1.27
Q1 2018 More than 100 More than 100 1.47
Q2 2018 More than 100 More than 100 1.34
Q3 2018 56.71 56.71 1.24


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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