Saudi Aramco profit dips 24% to SAR 452.8B in 2023; Q4 at SAR 102.9B
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Saudi Arabian Oil Co. (Saudi Aramco) posted a 24% drop in its 2023 net profit to SAR 452.8 billion, compared to SAR 597.2 billion a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 2,266,373.00 | 1,856,373.00 | (18.1 %) |
| Gross Income | 1,323,814.00 | 1,047,414.00 | (20.9 %) |
| Operating Income | 1,144,077.00 | 871,667.00 | (23.8 %) |
| Net Income | 597,215.00 | 452,753.00 | (24.2 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 2.47 | 1.87 | (24.2 %) |
The annual profit was hurt by a decline in crude oil prices and sales volumes, as well as lower refining and chemical products' prices.
The profit decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, as well as weakening refining and chemicals margins. This was partially offset by a decline in production royalties, along with lower income taxes and Zakat.
In Q4 2023, net profit decreased by 18% to SAR 102.9 billion from SAR 125.3 billion a year earlier.
Sequentially, the fourth-quarter net earnings declined 16.7% from SAR 123.53 billion.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 487,168.00 | 459,287.00 | (5.7 %) |
| Gross Income | 289,767.00 | 248,767.00 | (14.1 %) |
| Operating Income | 241,649.00 | 199,104.00 | (17.6 %) |
| Net Income | 125,340.00 | 102,867.00 | (17.9 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.52 | 0.43 | (17.9 %) |
Shareholders’ equity, after minority interest, increased to SAR 1.53 trillion as of Dec. 31, 2023, compared to SAR 1.44 trillion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 459,833.00 | (11.0 %) | 260,337.00 | (18.4 %) | 222,328.00 | (19.9 %) |
| Q2 2023 | 448,318.00 | (30.9 %) | 250,667.00 | (32.5 %) | 212,553.00 | (34.5 %) |
| Q3 2023 | 488,935.00 | (20.4 %) | 287,643.00 | (16.2 %) | 237,682.00 | (20.8 %) |
| Q4 2023 | 459,287.00 | (5.7 %) | 248,767.00 | (14.1 %) | 199,104.00 | (17.6 %) |
| 2023 | 1,856,373.00 | (18.1 %) | 1,047,414.00 | (20.9 %) | 871,667.00 | (23.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 117,471.00 | (17.3 %) | 0.49 | 4,491.00 | 112,980.00 | 0.47 |
| Q2 2023 | 108,881.00 | (37.4 %) | 0.45 | 1,141.00 | 107,740.00 | 0.45 |
| Q3 2023 | 123,534.00 | (20.8 %) | 0.51 | (3236.00) | 126,770.00 | 0.52 |
| Q4 2023 | 102,867.00 | (17.9 %) | 0.43 | - | 102,867.00 | 0.43 |
| 2023 | 452,753.00 | (24.2 %) | 1.87 | 2,396.00 | 450,357.00 | 1.86 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 57.26 % | 53.47 % | 25.56 % |
| Q2 2023 | 56.94 % | 53.29 % | 24.97 % |
| Q3 2023 | 57.76 % | 53.60 % | 25.07 % |
| Q4 2023 | 56.42 % | 52.18 % | 24.26 % |
| 2023 | 56.42 % | 52.18 % | 24.26 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 242,000.00 | 2.37 | 2.33 | 6.16 |
| Q2 2023 | 242,000.00 | 2.10 | 2.07 | 6.32 |
| Q3 2023 | 242,000.00 | 1.96 | 1.95 | 6.38 |
| Q4 2023 | 242,000.00 | 1.87 | 1.86 | 6.34 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 12.41 | 12.58 | 4.76 |
| Q2 2023 | 15.37 | 15.56 | 5.11 |
| Q3 2023 | 17.82 | 17.93 | 5.48 |
| Q4 2023 | 17.64 | 17.73 | 5.20 |
Business Segments (Million)
Q4 2023
| Period | upstream | Downstream | companies | Eliminations |
|---|---|---|---|---|
| Q1 2023 | 301,914.00 | 253,962.00 | 504.00 | (96547.00) |
| Q2 2023 | 293,457.00 | 247,446.00 | 598.00 | (93183.00) |
| Q3 2023 | 317,268.00 | 275,835.00 | 864.00 | (105032.00) |
| Q4 2023 | 299,134.00 | 256,269.00 | 297.00 | (96413.00) |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 105,046.08 | 102,867.00 | (2.1 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Bank of America | 103,949.00 | 102,867.00 | (1.0) % |
| SNB Capital | 100,900.00 | 102,867.00 | 1.9 % |
| UBS Saudi Arabia | 96,344.40 | 102,867.00 | 6.8 % |
| Citi Bank Group | 111,006.00 | 102,867.00 | (7.3) % |
| Al Rajhi Capital | 113,031.00 | 102,867.00 | (9.0) % |
| 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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