Saudi Aramco posts 24% profit rise after minority interest to SAR 78.59 bln in Q1 2021

04/05/2021 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) posted a 24% rise in net profit after minority interest to SAR 78.59 billion for the first quarter, compared to net profit of SAR 63.53 billion in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Revenues	250,345.00	300,157.00	19.9 %
Gross Income	151,436.00	185,432.00	22.4 %
Operating Income	129,732.00	151,887.00	17.1 %
Net Income	63,532.00	78,590.00	23.7 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.26	0.32	23.7 %

Item	Q4 2020	Q1 2021	Change‬
Revenues	243,798.00	300,157.00	23.1 %
Gross Income	147,432.00	185,432.00	25.8 %
Operating Income	104,490.00	151,887.00	45.4 %
Net Income	51,746.00	78,590.00	51.9 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.21	0.32	51.9 %

The profit rise was spurred by higher crude oil prices, improved downstream margins and the consolidation of SABIC’s results, partly offset by lower crude oil volumes sold.

When compared to Q4 2020, the first-quarter net profit jumped 55% from SAR 52.46 billion. The increase primarily reflects the impact of higher crude oil prices and improved downstream margins, partly offset by a decrease in crude oil volumes sold.

Shareholders’ equity, after minority interest, declined 5.6% to SAR 1.010 trillion in 2020, from SAR 1.069 trillion a year earlier.

Saudi Aramco reported strong operating cash flows of SAR 99.3 billion in Q1 2021.

The first-quarter free cash flow of SAR 68.5 billion in Q1 2021.

Saudi Aramco’s capital expenditures stood at SAR 30.8 billion for the same period.

Gearing ratio stood at 23% by the end of March 2021.

Financial results (Million)

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 %

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

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 %

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 %

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

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

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)

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	Q1 2021 (e)	Q1 2021 (a)	Change‬
Average	76,059.00	78,590.00	3.33 %

Estimates vs Actual (Million)

Item	Q1 2021 (e)	Q1 2021 (a)	Change
FAB Securities	76,059.00	78,590.00	3.3 %

Financial Ratios

	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

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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Saudi Aramco posts 24% profit rise after minority interest to SAR 78.59 bln in Q1 2021

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Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2021 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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Saudi Aramco posts 24% profit rise after minority interest to SAR 78.59 bln in Q1 2021

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Current Quarter Comparison (M)

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) Q1 2021

Revenue by Business Segment (Latest) 2021 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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Business Segments (Million)