Financial Results : Saudi Aramco posts net profit of SAR 395.2 bln in 2021; Q4 at SAR 116.6 bln

Saudi Aramco posts net profit of SAR 395.2 bln in 2021; Q4 at SAR 116.6 bln

20/03/2022 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported  a net profit attributable to shareholders of SAR 395.2 billion in 2021, compared to SAR 184.9 billion a year earlier. 



Financials (M)

Item 2020 2021 Change‬
Revenues 862,091.00 1,501,758.00 74.2 %
Gross Income 509,368.00 920,808.00 80.8 %
Operating Income 383,360.00 771,918.00 101.4 %
Net Income 184,926.00 395,203.00 113.7 %
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.76 1.63 113.7 %

The profit growth was spurred by a rise in crude oil prices, the consolidation of SABIC’s full-year results, and improved margins from refining and chemicals.

 

In Q4 2021, the oil major reported a net profit of SAR 116.6 billion, compared to SAR 51.75 billion a year earlier.   

 

When compared to the previous quarter, Q4 net profit jumped 6.9% from SAR 109 billion.  



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 243,798.00 446,269.00 83.0 %
Gross Income 147,432.00 271,963.00 84.5 %
Operating Income 104,490.00 228,110.00 118.3 %
Net Income 51,746.00 116,639.00 125.4 %
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.21 0.48 125.4 %

Shareholders’ equity, after minority interest, increased by 12.3% to SAR 1.113 trillion as of Dec. 31, 2021, compared to SAR 990.85 billion a year earlier.

 

Saudi Aramco’s consolidated statement of income does not include gross profit, due to the company’s business in prospecting, exploring, drilling and extracting hydrocarbon substances (upstream).

 

Other income related to sales stood at SAR 154.83 billion in 2021. Accordingly, revenue and other income related to sales amounted to SAR 1.501 trillion.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %)
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 %)
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 %
Q4 2021 446,269.00 83.0 % 271,963.00 84.5 % 228,110.00 118.3 %
2021 1,501,758.00 74.2 % 920,808.00 80.8 % 771,918.00 101.4 %


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 - - - - - -
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 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
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
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
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
Q4 2021 116,639.00 125.4 % 0.48 - 116,639.00 0.48
2021 395,203.00 113.7 % 1.63 - 395,203.00 1.63

Profitability

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 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 64.83 % 60.87 % 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 %
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 %
Q1 2021 59.59 % 53.40 % 21.93 %
Q2 2021 60.35 % 55.00 % 23.65 %
Q3 2021 61.29 % 56.62 % 25.42 %
Q4 2021 61.32 % 57.10 % 26.32 %
2021 61.32 % 57.10 % 26.32 %


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
Q4 2021 242,000.00 1.63 1.63 4.60

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
Q4 2021 18.12 18.12 6.43

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)
Q4 2021 310,961.00 241,269.00 720.00 (106681.00)

Analysts Estimates (Million)

Item Q4 2021 (e) Q4 2021 (a) Change‬
Average 119,696.50 116,639.00 (2.6 %)

Estimates vs Actual (Million)

Item Q4 2021 (e) Q4 2021 (a) Change
UBS Saudi Arabia 114,604.00 116,639.00 1.8 %
Al Rajhi Capital 124,789.00 116,639.00 (6.5) %

Current
Market Cap (M Riyal) 6,800,200.00
Enterprise Value (EV) (M) 6,984,290.00
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.69
Book Value (BV) ( Riyal) 6.15
Par Value -
Adjusted P/E (Last12) 16.58
P/E (TTM) 16.59
Price/book 4.57
Return on Average Assets (%) (TTM) 16.5
Return on Average Equity (%) (TTM) 27.0

Share Price

28.10
0.15 0.54 %

Saudi Arabian Oil Co. (SAUDI ARAMCO)


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