Financial Results : Saudi Aramco’s profit soars 86% to SAR 315.8 bln in H1 2022; Q2 at SAR 173.8 bln

Saudi Aramco’s profit soars 86% to SAR 315.8 bln in H1 2022; Q2 at SAR 173.8 bln

14/08/2022 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported an 86% surge in H1 2022 net profit after minority interest to SAR 315.8 billion, compared to SAR 169.5 billion a year earlier, backed by higher crude oil prices and volumes sold, as well as better downstream margins. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 650,107.00 1,165,270.00 79.2 %
Gross Income 400,611.00 690,765.00 72.4 %
Operating Income 331,002.00 602,194.00 81.9 %
Net Income 169,492.00 315,807.00 86.3 %
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.70 1.30 86.3 %

In Q2 2022, net profit after Zakat and tax soared 91% to SAR 173.8 billion, from SAR 90.9 billion on higher crude oil prices and volumes sold, as well as improved refining margins. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 349,950.00 648,373.00 85.3 %
Gross Income 215,179.00 371,593.00 72.7 %
Operating Income 179,115.00 324,489.00 81.2 %
Net Income 90,902.00 173,795.00 91.2 %
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.38 0.72 91.2 %

On a sequential basis, the second-quarter net profit rose by 22.4% from SAR 142.01 billion. 

 

Shareholders’ equity, after minority interest, increased by 26.48% to SAR 1.302 trillion as of June 30, 2022, from SAR 1.029 trillion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2022 516,897.00 72.2 % 319,172.00 72.1 % 277,705.00 82.8 %
Q2 2022 648,373.00 85.3 % 371,593.00 72.7 % 324,489.00 81.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2022 142,012.00 80.7 % 0.59 - 142,012.00 0.59
Q2 2022 173,795.00 91.2 % 0.72 3,064.00 170,731.00 0.71

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2022 61.36 % 57.26 % 26.69 %
Q2 2022 60.04 % 56.02 % 26.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2022 242,000.00 1.90 1.90 4.95
Q2 2022 242,000.00 2.24 2.23 5.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2022 18.80 18.80 7.20
Q2 2022 15.76 15.85 6.56

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)
Q1 2022 368,363.00 269,210.00 395.00 (121071.00)
Q2 2022 443,360.00 346,989.00 658.00 (142634.00)

Analysts Estimates (Million)

Item Q2 2022 (e) Q2 2022 (a) Change‬
Average 170,667.05 173,795.00 1.83 %

Estimates vs Actual (Million)

Item Q2 2022 (e) Q2 2022 (a) Change
JP Morgan 169,012.56 173,795.00 2.8 %
UBS Saudi Arabia 167,286.23 173,795.00 3.9 %
Goldman Sachs 181,548.40 173,795.00 (4.3) %
Al Rajhi Capital 164,821.00 173,795.00 5.4 %


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.
28.10
0.15 0.54 %

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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