Financial Results : Saudi Aramco net profit surges to SAR 169.5 bln in H1 2021

Saudi Aramco net profit surges to SAR 169.5 bln in H1 2021

08/08/2021 Argaam Exclusive

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Saudi Arabian Oil Co.'s (Saudi Aramco) net profit rose to SAR 169.5 billion for the first half of 2021, compared to SAR 88.9 billion in the year-earlier period.  



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 389,699.00 650,107.00 66.8 %
Gross Income 232,557.00 400,611.00 72.3 %
Operating Income 182,824.00 331,002.00 81.0 %
Net Income 88,902.00 169,492.00 90.7 %
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.37 0.70 90.7 %

The profit rise was spurred by rising crude oil prices and strong downstream earnings – including inventory movement gains and the consolidation of SABIC’s results, partially offset by a decrease in crude oil sales volumes and higher crude production royalties.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 139,354.00 349,950.00 151.1 %
Gross Income 81,121.00 215,179.00 165.3 %
Operating Income 53,092.00 179,115.00 237.4 %
Net Income 25,370.00 90,902.00 258.3 %
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.10 0.38 258.3 %

In Q2 2021, net profit after Zakat and tax rose more than three times to SAR 95.5 million. The strong performance was primarily driven by higher crude oil prices, improved refining and chemicals margins and the consolidation of SABIC’s results.

 

When compared to the previous quarter, the second-quarter net profit jumped 17.2% from SAR 81.4 billion.

Shareholders’ equity, after minority interest, reached SAR 1.029 billion by the end of H1 2021, compared to SAR 1.025 billion a year earlier.



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 %


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

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 %


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

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

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)

Analysts Estimates (Million)

Item Q2 2021 (e) Q2 2021 (a) Change‬
Average 90,556.00 90,902.00 0.38 %

Estimates vs Actual (Million)

Item Q2 2021 (e) Q2 2021 (a) Change
Al Rajhi Capital 90,556.00 90,902.00 0.4 %


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
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Share Price

Saudi Arabian Oil Co.
28.05
0.10 0.36 %

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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