Financial Results : Aramco’s Q1 2024 net profit drops 12% to SAR 103.4B

Aramco’s Q1 2024 net profit drops 12% to SAR 103.4B

07/05/2024 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported a 12% drop in Q1 2024 net profit to SAR 103.4 billion, compared to SAR 117.5 billion in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 459,833.00 437,847.00 (4.8 %)
Gross Income 260,337.00 248,740.00 (4.5 %)
Operating Income 222,328.00 202,414.00 (9.0 %)
Net Income 117,471.00 103,356.00 (12.0 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.49 0.43 (12.0 %)

The annual net profit was hurt by a decline in the first-quarter revenue to SAR 402.04 billion from SAR 417.46 billion in Q1 2023, amid lower volume of crude oil sold. This was partially offset by higher crude oil prices.

 

The company also cited weakening refining and chemicals margins, as well as lower finance and other income. This was partially offset by lower production royalties, an increase in crude oil prices compared to the same period last year and lower income taxes and Zakat.

 

The giant oil producer’s net earnings edged up 0.5% quarter-on-quarter (QoQ) from SAR 102.86 billion in Q4 2023. On the other hand, revenues dropped to SAR 402.04 billion from SAR 409.16 billion in Q4 2023 on lower prices of crude oil, and refining and chemical products.

 

Shareholders’ equity, after minority interest, increased to SAR 1.52 trillion as of March 31, 2024, from SAR 1.49 trillion a year earlier.

 

Attached Documents

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2022 613,935.00 51.4 % 343,282.00 38.3 % 300,234.00 41.1 %
Q4 2022 487,168.00 9.2 % 289,767.00 6.5 % 241,649.00 5.9 %
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 %)
Q1 2024 437,847.00 (4.8 %) 248,740.00 (4.5 %) 202,414.00 (9.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2022 156,068.00 43.1 % 0.64 - 156,068.00 0.64
Q4 2022 125,340.00 7.5 % 0.52 464.00 124,876.00 0.52
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
Q1 2024 103,356.00 (12.0 %) 0.43 (366.00) 103,722.00 0.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2022 58.68 % 54.71 % 26.31 %
Q4 2022 58.41 % 54.52 % 26.20 %
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 %
Q1 2024 56.47 % 51.80 % 24.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2022 242,000.00 2.43 2.42 5.74
Q4 2022 242,000.00 2.47 2.45 5.99
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
Q1 2024 242,000.00 1.81 1.82 6.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2022 13.40 13.47 5.68
Q4 2022 11.83 11.90 4.87
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
Q1 2024 17.02 16.93 4.90

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)
Q3 2022 416,022.00 329,392.00 528.00 (132007.00)
Q4 2022 345,660.00 254,123.00 370.00 (112985.00)
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)
Q1 2024 291,520.00 249,364.00 811.00 (103848.00)

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 101,728.80 103,356.00 1.60 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
JP Morgan 103,287.50 103,356.00 0.1 %
Al Rajhi Capital 103,234.00 103,356.00 0.1 %
UBS Saudi Arabia 104,841.00 103,356.00 (1.4) %
Bank of America 100,822.50 103,356.00 2.5 %
SNB Capital 100,400.00 103,356.00 2.9 %
Goldman Sachs 99,851.60 103,356.00 3.5 %
Citi Bank Group 99,665.00 103,356.00 3.7 %

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

Share Price

28.10
0.15 0.54 %

Saudi Arabian Oil Co. (SAUDI ARAMCO)


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