Saudi Aramco net profit more than doubles to SAR 278.6 bln in 9M 2021
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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)
| 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 % |
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.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | 59.59 % | 53.40 % | 21.93 % |
| Q2 2021 | 60.35 % | 55.00 % | 23.65 % |
| Q3 2021 | 61.29 % | 56.62 % | 25.42 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | 36.02 | 36.02 | 7.13 |
| Q2 2021 | 26.45 | 26.45 | 6.82 |
| Q3 2021 | 21.81 | 21.81 | 6.74 |
Business Segments (Million)
Q3 2021
| Period | upstream | Downstream | companies | Eliminations |
|---|---|---|---|---|
| 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) |
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 % |
| 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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