Saudi Aramco profit leaps 69% to SAR 471.88 bln in 9M 2022; Q3 at SAR 156.07 bln
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Saudi Arabian Oil Co. (Saudi Aramco) posted a 69% rise in net profit after Zakat and tax, after minority interest, to SAR 471.88 billion in the first nine months of 2022, compared to SAR 278.56 billion a year earlier, backed by stronger crude oil prices and volumes sold, as well as higher refining margins.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 1,055,489.00 | 1,779,205.00 | 68.6 % |
| Gross Income | 648,845.00 | 1,034,047.00 | 59.4 % |
| Operating Income | 543,808.00 | 902,428.00 | 65.9 % |
| Net Income | 278,564.00 | 471,875.00 | 69.4 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 1.15 | 1.95 | 69.4 % |
This was partially offset by an increase in production royalties, mainly from higher average effective royalty rate, driven by stronger crude oil prices, and higher sales volume.
In Q3 2022, net profit after Zakat and tax, excluding minority interest, climbed 43% to SAR 156.07 billion, from SAR 109.07 billion, thanks to higher crude oil prices and volumes sold. This was partially offset by increased production royalties largely attributable to higher average effective royalty rate resulting from stronger crude oil prices, and higher sales volume.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 405,382.00 | 613,935.00 | 51.4 % |
| Gross Income | 248,234.00 | 343,282.00 | 38.3 % |
| Operating Income | 212,806.00 | 300,234.00 | 41.1 % |
| Net Income | 109,072.00 | 156,068.00 | 43.1 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.45 | 0.64 | 43.1 % |
Compared to Q2 2022, net profit decreased 14.1% from SAR 181.64 billion.
Shareholders’ equity, after minority interest, increased by 30% to SAR 1.389 trillion as of Sept. 30, 2022, from SAR 1.068 trillion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| Q3 2022 | 613,935.00 | 51.4 % | 343,282.00 | 38.3 % | 300,234.00 | 41.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
| Q3 2022 | 156,068.00 | 43.1 % | 0.64 | - | 156,068.00 | 0.64 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 61.36 % | 57.26 % | 26.69 % |
| Q2 2022 | 60.04 % | 56.02 % | 26.70 % |
| Q3 2022 | 58.68 % | 54.71 % | 26.31 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 242,000.00 | 1.90 | 1.90 | 4.95 |
| Q2 2022 | 242,000.00 | 2.24 | 2.23 | 5.38 |
| Q3 2022 | 242,000.00 | 2.43 | 2.42 | 5.74 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 18.80 | 18.80 | 7.20 |
| Q2 2022 | 15.76 | 15.85 | 6.56 |
| Q3 2022 | 13.40 | 13.47 | 5.68 |
Business Segments (Million)
Q3 2022
| Period | upstream | Downstream | companies | Eliminations |
|---|---|---|---|---|
| Q1 2022 | 368,363.00 | 269,210.00 | 395.00 | (121071.00) |
| Q2 2022 | 443,360.00 | 346,989.00 | 658.00 | (142634.00) |
| Q3 2022 | 416,022.00 | 329,392.00 | 528.00 | (132007.00) |
Analysts Estimates (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Average | 153,531.12 | 156,068.00 | 1.65 % |
Estimates vs Actual (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Goldman Sachs | 156,792.00 | 156,068.00 | (0.5) % |
| Al Rajhi Capital | 154,135.00 | 156,068.00 | 1.3 % |
| Hermes | 154,000.00 | 156,068.00 | 1.3 % |
| UBS Saudi Arabia | 152,883.30 | 156,068.00 | 2.1 % |
| SNB Capital | 151,881.00 | 156,068.00 | 2.8 % |
| JP Morgan | 151,495.40 | 156,068.00 | 3.0 % |
| Current | |
| Market Cap (M Riyal) | 6,788,100.00 |
| Enterprise Value (EV) (M) | 6,972,190.00 |
| Shares Outstanding ((M)) | 242,000.00 |
| EPS ( Riyal) (TTM) | 1.69 |
| Book Value (BV) ( Riyal) | 6.15 |
| Par Value | - |
| Adjusted P/E (Last12) | 16.55 |
| P/E (TTM) | 16.56 |
| Price/book | 4.56 |
| Return on Average Assets (%) (TTM) | 16.5 |
| Return on Average Equity (%) (TTM) | 27.0 |
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