Saudi Aramco net profit more than doubles to SAR 278.6 bln in 9M 2021

Saudi Arabian Oil Co. (Saudi Aramco) reported an over twofold rise in net profit attributable to shareholders to SAR 278.6 billion for the first nine months of 2021, compared to SAR 133.2 billion in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	618,293.00	1,055,489.00	70.7 %
Gross Income	361,936.00	648,845.00	79.3 %
Operating Income	278,870.00	543,808.00	95.0 %
Net Income	133,180.00	278,564.00	109.2 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.55	1.15	109.2 %

The profit surge was fueled by higher crude oil prices, improved margins from refining and chemicals and the consolidation of SABIC’s results.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	228,594.00	405,382.00	77.3 %
Gross Income	129,379.00	248,234.00	91.9 %
Operating Income	96,046.00	212,806.00	121.6 %
Net Income	44,278.00	109,072.00	146.3 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.18	0.45	146.3 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	349,950.00	405,382.00	15.8 %
Gross Income	215,179.00	248,234.00	15.4 %
Operating Income	179,115.00	212,806.00	18.8 %
Net Income	90,902.00	109,072.00	20.0 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.38	0.45	20.0 %

In Q3 2021, net profit after Zakat and tax soared 158% to SAR 109.1 billion from SAR 44.2 billion a year earlier. The profit rise was spurred by higher crude oil prices and sales volumes, along with stronger profit margins from refining and chemicals.

When compared to the previous quarter, Q3 net profit climber 19.5% from SAR 95.5 billion.

Shareholders’ equity, after minority interest, grew by 6.3% to SAR 1.068 trillion as of Sept. 30, 2021, compared to SAR 1.004 trillion a year earlier.

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Share Price

Saudi Arabian Oil Co. (SAUDI ARAMCO)

	Current
Market Cap (M Riyal)	6,812,300.00
Enterprise Value (EV) (M)	6,996,390.00
Shares Outstanding ((M))	242,000.00
EPS ( Riyal) (TTM)	1.69
Book Value (BV) ( Riyal)	6.15
Par Value	-
Adjusted P/E (Last12)	16.60
P/E (TTM)	16.62
Price/book	4.57
Return on Average Assets (%) (TTM)	16.5
Return on Average Equity (%) (TTM)	27.0

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	504,596.00	-	391,909.00	-	305,700.00	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	990,659.00	96.3 %	652,986.00	66.6 %	582,915.00	90.7 %
Q1 2018	287,510.00	-	193,232.00	-	174,917.00	-
Q2 2018	341,276.00	-	222,990.00	-	204,651.00	-
Q3 2018	363,374.00	-	240,041.00	-	217,347.00	-
Q4 2018	354,857.00	-	216,943.00	-	201,490.00	-
2018	1,347,017.00	36.0 %	873,206.00	33.7 %	798,405.00	37.0 %
Q1 2019	297,634.00	3.5 %	187,277.00	(3.1 %)	166,621.00	(4.7 %)
Q2 2019	322,307.00	(5.6 %)	202,770.00	(9.1 %)	181,256.00	(11.4 %)
Q3 2019	304,646.00	(16.2 %)	185,810.00	(22.6 %)	165,196.00	(24.0 %)
Q4 2019	312,198.00	(12.0 %)	188,077.00	(13.3 %)	161,798.00	(19.7 %)
2019	1,236,785.00	(8.2 %)	763,934.00	(12.5 %)	674,871.00	(15.5 %)
Q1 2020	250,345.00	(15.9 %)	151,436.00	(19.1 %)	129,732.00	(22.1 %)
Q2 2020	139,354.00	(56.8 %)	81,121.00	(60.0 %)	53,092.00	(70.7 %)
Q3 2020	228,594.00	(25.0 %)	129,379.00	(30.4 %)	96,046.00	(41.9 %)
Q4 2020	243,798.00	(21.9 %)	147,432.00	(21.6 %)	104,490.00	(35.4 %)
2020	862,091.00	(30.3 %)	509,368.00	(33.3 %)	383,360.00	(43.2 %)
Q1 2021	300,157.00	19.9 %	185,432.00	22.4 %	151,887.00	17.1 %
Q2 2021	349,950.00	151.1 %	215,179.00	165.3 %	179,115.00	237.4 %
Q3 2021	405,382.00	77.3 %	248,234.00	91.9 %	212,806.00	121.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	504,596.00	-	391,909.00	-	305,700.00	-
2017	990,659.00	96.3 %	652,986.00	66.6 %	582,915.00	90.7 %
2018	1,347,017.00	36.0 %	873,206.00	33.7 %	798,405.00	37.0 %
2019	1,236,785.00	(8.2 %)	763,934.00	(12.5 %)	674,871.00	(15.5 %)
2020	862,091.00	(30.3 %)	509,368.00	(33.3 %)	383,360.00	(43.2 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	48,349.00	-	0.20	-	48,349.00	0.20
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	283,198.00	485.7 %	1.17	-	283,198.00	1.17
Q1 2018	91,787.00	-	0.38	-	91,787.00	0.38
Q2 2018	106,574.00	-	0.44	-	106,574.00	0.44
Q3 2018	113,375.00	-	0.47	-	113,375.00	0.47
Q4 2018	104,460.00	-	0.43	-	104,460.00	0.43
2018	416,196.00	47.0 %	1.72	-	416,196.00	1.72
Q1 2019	83,226.00	(9.3 %)	0.34	-	83,226.00	0.34
Q2 2019	92,791.00	(12.9 %)	0.38	-	92,791.00	0.38
Q3 2019	79,788.00	(29.6 %)	0.33	-	79,788.00	0.33
Q4 2019	75,011.00	(28.2 %)	0.31	-	75,011.00	0.31
2019	330,816.00	(20.5 %)	1.37	-	330,816.00	1.37
Q1 2020	63,532.00	(23.7 %)	0.26	-	63,532.00	0.26
Q2 2020	25,370.00	(72.7 %)	0.10	-	25,370.00	0.10
Q3 2020	44,278.00	(44.5 %)	0.18	-	44,278.00	0.18
Q4 2020	51,746.00	(31.0 %)	0.21	-	51,746.00	0.21
2020	184,926.00	(44.1 %)	0.76	-	184,926.00	0.76
Q1 2021	78,590.00	23.7 %	0.32	-	78,590.00	0.32
Q2 2021	90,902.00	258.3 %	0.38	-	90,902.00	0.38
Q3 2021	109,072.00	146.3 %	0.45	-	109,072.00	0.45

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	48,349.00	-	0.20	-	48,349.00	0.20
2017	283,198.00	485.7 %	1.17	-	283,198.00	1.17
2018	416,196.00	47.0 %	1.72	-	416,196.00	1.72
2019	330,816.00	(20.5 %)	1.37	-	330,816.00	1.37
2020	184,926.00	(44.1 %)	0.76	-	184,926.00	0.76

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	77.67 %	67.24 %	9.58 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	65.91 %	62.59 %	28.59 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	64.83 %	60.87 %	30.90 %
2018	64.83 %	62.34 %	30.90 %
Q1 2019	63.90 %	60.72 %	30.04 %
Q2 2019	63.30 %	60.72 %	29.43 %
Q3 2019	61.96 %	59.63 %	28.16 %
Q4 2019	61.77 %	58.63 %	26.75 %
2019	61.77 %	58.63 %	26.75 %
Q1 2020	61.21 %	58.08 %	26.16 %
Q2 2020	60.25 %	56.37 %	24.21 %
Q3 2020	59.11 %	54.36 %	22.37 %
Q4 2020	59.09 %	53.31 %	21.45 %
2020	59.09 %	53.31 %	21.45 %
Q1 2021	59.59 %	53.40 %	21.93 %
Q2 2021	60.35 %	55.00 %	23.65 %
Q3 2021	61.29 %	56.62 %	25.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	77.67 %	67.24 %	9.58 %
2017	65.91 %	62.59 %	28.59 %
2018	64.83 %	62.34 %	30.90 %
2019	61.77 %	58.63 %	26.75 %
2020	59.09 %	53.31 %	21.45 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	67.21 %	-	31.92 %
Q2 2018	65.34 %	-	31.23 %
Q3 2018	66.06 %	62.71 %	31.20 %
Q4 2018	61.14 %	59.90 %	29.44 %
Q1 2019	62.92 %	60.14 %	27.96 %
Q2 2019	62.91 %	59.94 %	28.79 %
Q3 2019	60.99 %	58.49 %	26.19 %
Q4 2019	60.24 %	55.99 %	24.03 %
Q1 2020	60.49 %	57.81 %	25.38 %
Q2 2020	58.21 %	50.01 %	18.21 %
Q3 2020	56.60 %	51.00 %	19.37 %
Q4 2020	60.47 %	52.74 %	21.22 %
Q1 2021	61.78 %	57.35 %	26.18 %
Q2 2021	61.49 %	57.16 %	25.98 %
Q3 2021	61.23 %	57.95 %	26.91 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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	242,000.00	-	-	-
Q2 2018	242,000.00	-	-	-
Q3 2018	242,000.00	-	-	-
Q4 2018	242,000.00	1.72	1.72	4.20
Q1 2019	242,000.00	1.68	1.68	-
Q2 2019	242,000.00	1.63	1.63	4.19
Q3 2019	242,000.00	1.49	1.49	4.29
Q4 2019	242,000.00	1.37	1.37	4.28
Q1 2020	242,000.00	1.29	1.29	4.42
Q2 2020	242,000.00	1.01	1.01	4.24
Q3 2020	242,000.00	0.86	0.86	4.15
Q4 2020	242,000.00	0.76	0.76	4.09
Q1 2021	242,000.00	0.83	0.83	4.18
Q2 2021	242,000.00	1.10	1.10	4.25
Q3 2021	242,000.00	1.36	1.36	4.41

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	-	-	-	-
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	242,000.00	0.20	0.20	2.99
2017	242,000.00	1.17	1.17	3.36
2018	242,000.00	1.72	1.72	4.20
2019	242,000.00	1.37	1.37	4.28
2020	242,000.00	0.76	0.76	4.09

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	21.32	21.32	6.81
Q1 2020	19.39	19.39	5.64
Q2 2020	26.68	26.68	6.34
Q3 2020	34.50	34.50	7.15
Q4 2020	37.87	37.87	7.07
Q1 2021	36.02	36.02	7.13
Q2 2021	26.45	26.45	6.82
Q3 2021	21.81	21.81	6.74

Period	P/E	Adjusted P/E	Price/book
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	21.32	21.32	6.81
2020	37.87	37.87	7.07

Business Segments (Million)

Compared With The

Period	upstream	Downstream	companies	Eliminations
Q1 2019	237,105.00	122,907.00	339.00	(62717.00)
Q2 2019	257,113.00	136,125.00	345.00	(71276.00)
Q3 2019	236,714.00	130,565.00	362.00	(62995.00)
Q4 2019	239,463.00	137,822.00	593.00	(65680.00)
Q1 2020	192,737.00	112,283.00	484.00	(55159.00)
Q2 2020	95,490.00	71,739.00	409.00	(28284.00)
Q3 2020	154,065.00	121,906.00	363.00	(47740.00)
Q4 2020	163,178.00	135,293.00	414.00	(55087.00)
Q1 2021	201,388.00	166,121.00	365.00	(67717.00)
Q2 2021	228,034.00	194,912.00	385.00	(73381.00)
Q3 2021	275,054.00	220,726.00	308.00	(90706.00)

Period	upstream	Downstream	companies	Eliminations
2016	525,855.00	167,734.00	1,083.00	(190076.00)
2017	816,634.00	415,827.00	1,210.00	(243012.00)
2018	1,102,161.00	552,825.00	1,585.00	(309554.00)
2019	970,395.00	527,419.00	1,639.00	(262668.00)
2020	605,470.00	441,221.00	1,670.00	(186270.00)

Analysts Estimates (Million)

Item	Q3 2021 (e)	Q3 2021 (a)	Change‬
Average	101,946.77	109,072.00	6.99 %

Estimates vs Actual (Million)

Item	Q3 2021 (e)	Q3 2021 (a)	Change
UBS Saudi Arabia	104,879.53	109,072.00	4.0 %
Al Rajhi Capital	99,014.00	109,072.00	10.2 %

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Saudi Aramco net profit more than doubles to SAR 278.6 bln in 9M 2021

Financials (M)

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Saudi Arabian Oil Co. (SAUDI ARAMCO)

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Financial results (Million)

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Profit Performance (Million)

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Saudi Aramco net profit more than doubles to SAR 278.6 bln in 9M 2021

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Saudi Arabian Oil Co. (SAUDI ARAMCO)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2021

Revenue by Business Segment (Latest) 2021 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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