Financial Results : SARCO posts lower net profit at SAR 16.4m in I3 of 2013

SARCO posts lower net profit at SAR 16.4m in I3 of 2013

30/09/2013 Argaam Exclusive

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Saudi Arabia Refineries Company, reported SAR 16.4m net profit in I3 of 2013, a 2% decrease compared to the same period last year, as shown in the following table:



Financials (M)

Item 9m 2012 9m 2013 Change‬
Operating Income (1.59) (1.75) (9.9 %)
Net Income 16.68 16.37 (1.9 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 1.11 1.09 (1.9 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2012 Q3 2013 Change‬
Operating Income (0.49) (0.55) (12.2 %)
Net Income 0.57 1.27 120.9 %
Average Shares 15.00 15.00 -
EPS (Riyals) 0.04 0.08 120.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2004 - - - - (0.22) 30.4 %
Q2 2004 - - - - (0.24) 32.1 %
Q3 2004 - - - - (0.31) (3.6 %)
Q4 2004 - - - - (0.52) 27.1 %
Q1 2005 - - - - (0.52) (136.2 %)
Q2 2005 - - - - (0.81) (234.2 %)
Q3 2005 - - - - (0.35) (10.9 %)
Q4 2005 - - - - (0.34) 34.0 %
Q1 2006 - - - - (0.14) 72.4 %
Q2 2006 - - - - (0.51) 37.8 %
Q3 2006 - - - - (0.39) (12.4 %)
Q4 2006 - - - - (1.15) (237.1 %)
Q1 2007 - - - - (0.25) (75.4 %)
Q2 2007 - - - - (0.46) 8.1 %
Q3 2007 - - - - (0.28) 28.2 %
Q4 2007 - - - - (1.34) (16.6 %)
Q1 2008 - - - - (1.31) (424.9 %)
Q2 2008 - - - - (0.27) 41.2 %
Q3 2008 - - - - (0.93) (233.6 %)
Q4 2008 - - - - (0.52) 60.9 %
Q1 2009 - - - - (0.58) 55.9 %
Q2 2009 - - - - (0.36) (31.5 %)
Q3 2009 - - - - (0.12) 86.9 %
Q4 2009 - - - - (0.22) 57.1 %
Q1 2010 - - - - (0.70) (21.2 %)
Q2 2010 - - - - (0.30) 16.2 %
Q3 2010 - - - - (0.32) (161.5 %)
Q4 2010 - - - - (0.24) (5.8 %)
Q1 2011 - - - - (0.73) (5.2 %)
Q2 2011 - - - - (0.35) (15.9 %)
Q3 2011 - - - - (0.27) 15.4 %
Q4 2011 - - - - (0.89) (275.1 %)
Q1 2012 - - - - (0.73) 1.1 %
Q2 2012 - - - - (0.37) (5.7 %)
Q3 2012 - - - - (0.49) (82.6 %)
Q4 2012 - - - - (0.81) 8.4 %
Q1 2013 - - - - (0.66) 8.5 %
Q2 2013 - - - - (0.66) (79.7 %)
Q3 2013 - - - - (0.55) (12.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 2.75 (48.8 %) 0.18 - 2.75 0.18
Q2 2004 1.18 6.9 % 0.08 - 1.18 0.08
Q3 2004 0.78 147.2 % 0.05 - 0.78 0.05
Q4 2004 2.99 489.2 % 0.20 - 2.99 0.20
Q1 2005 0.92 (66.4 %) 0.06 - 0.92 0.06
Q2 2005 0.52 (56.0 %) 0.03 - 0.52 0.03
Q3 2005 1.09 40.3 % 0.07 - 1.09 0.07
Q4 2005 1.03 (65.5 %) 0.07 - 1.03 0.07
Q1 2006 1.03 11.0 % 0.07 - 1.03 0.07
Q2 2006 1.12 115.4 % 0.07 - 1.12 0.07
Q3 2006 0.86 (21.8 %) 0.06 - 0.86 0.06
Q4 2006 7.74 650.7 % 0.52 - 7.74 0.52
Q1 2007 1.10 7.4 % 0.07 - 1.10 0.07
Q2 2007 1.13 1.1 % 0.08 - 1.13 0.08
Q3 2007 96.59 11196.8 % 6.44 - 96.59 6.44
Q4 2007 0.01 (99.9 %) 0.00 - 0.01 0.00
Q1 2008 98.55 8843.2 % 6.57 - 98.55 6.57
Q2 2008 8.65 666.9 % 0.58 - 8.65 0.58
Q3 2008 (0.38) (100.4 %) (0.03) - (0.38) (0.03)
Q4 2008 0.84 16640.0 % 0.06 - 0.84 0.06
Q1 2009 0.08 (99.9 %) 0.01 - 0.08 0.01
Q2 2009 0.30 (96.5 %) 0.02 - 0.30 0.02
Q3 2009 0.63 266.8 % 0.04 - 0.63 0.04
Q4 2009 2.11 152.6 % 0.14 - 2.11 0.14
Q1 2010 0.75 904.0 % 0.05 - 0.75 0.05
Q2 2010 8.68 2794.0 % 0.58 - 8.68 0.58
Q3 2010 0.52 (18.0 %) 0.03 - 0.52 0.03
Q4 2010 2.32 9.6 % 0.15 - 2.32 0.15
Q1 2011 0.75 (0.3 %) 0.05 - 0.75 0.05
Q2 2011 8.19 (5.6 %) 0.55 - 8.19 0.55
Q3 2011 0.46 (12.2 %) 0.03 - 0.46 0.03
Q4 2011 1.53 (34.0 %) 0.10 - 1.53 0.10
Q1 2012 0.64 (15.0 %) 0.04 - 0.64 0.04
Q2 2012 15.47 88.8 % 1.03 - 15.47 1.03
Q3 2012 0.57 25.9 % 0.04 - 0.57 0.04
Q4 2012 0.13 (91.5 %) 0.01 - 0.13 0.01
Q1 2013 0.73 14.6 % 0.05 - 0.73 0.05
Q2 2013 14.24 (8.0 %) 0.95 - 14.24 0.95
Q3 2013 1.27 120.9 % 0.08 - 1.27 0.08

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2004 - - -
Q2 2004 - - -
Q3 2004 - - -
Q4 2004 - - -
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2004 15.00 0.10 0.10 17.63
Q2 2004 15.00 0.10 0.10 24.16
Q3 2004 15.00 0.26 0.26 27.60
Q4 2004 15.00 0.51 0.51 42.70
Q1 2005 15.00 0.39 0.39 50.68
Q2 2005 15.00 0.35 0.35 60.81
Q3 2005 15.00 0.37 0.37 68.71
Q4 2005 15.00 0.24 0.24 32.22
Q1 2006 15.00 0.24 0.24 30.00
Q2 2006 15.00 0.28 0.28 27.31
Q3 2006 15.00 0.27 0.27 18.76
Q4 2006 15.00 0.72 0.72 22.03
Q1 2007 15.00 0.72 0.72 22.84
Q2 2007 15.00 0.72 0.72 27.42
Q3 2007 15.00 7.10 7.10 38.16
Q4 2007 15.00 6.59 6.59 39.79
Q1 2008 15.00 13.09 13.09 38.09
Q2 2008 15.00 13.59 13.59 40.29
Q3 2008 15.00 7.12 7.12 39.99
Q4 2008 15.00 7.18 7.18 14.11
Q1 2009 15.00 0.61 0.61 16.29
Q2 2009 15.00 0.06 0.06 22.57
Q3 2009 15.00 0.12 0.12 26.80
Q4 2009 15.00 0.21 0.21 25.67
Q1 2010 15.00 0.25 0.25 25.82
Q2 2010 15.00 0.81 0.81 21.38
Q3 2010 15.00 0.80 0.80 22.43
Q4 2010 15.00 0.82 0.82 26.57
Q1 2011 15.00 0.82 0.82 27.48
Q2 2011 15.00 0.79 0.79 27.42
Q3 2011 15.00 0.78 0.78 23.79
Q4 2011 15.00 0.73 0.73 23.43
Q1 2012 15.00 0.72 0.72 29.33
Q2 2012 15.00 1.21 1.21 25.43
Q3 2012 15.00 1.21 1.21 28.05
Q4 2012 15.00 1.12 1.12 27.72
Q1 2013 15.00 1.13 1.13 28.03
Q2 2013 15.00 1.04 1.04 31.35
Q3 2013 15.00 1.09 1.09 31.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 More than 100 More than 100 0.95
Q2 2004 More than 100 More than 100 0.80
Q3 2004 85.36 85.36 0.81
Q4 2004 54.05 54.05 0.65
Q1 2005 More than 100 More than 100 1.47
Q2 2005 More than 100 More than 100 1.38
Q3 2005 More than 100 More than 100 1.22
Q4 2005 More than 100 More than 100 5.59
Q1 2006 More than 100 More than 100 5.86
Q2 2006 More than 100 More than 100 8.22
Q3 2006 More than 100 More than 100 11.47
Q4 2006 More than 100 More than 100 3.34
Q1 2007 More than 100 More than 100 4.33
Q2 2007 More than 100 More than 100 2.64
Q3 2007 11.49 11.49 2.14
Q4 2007 14.42 14.42 2.39
Q1 2008 5.23 5.23 1.80
Q2 2008 5.00 5.00 1.69
Q3 2008 8.65 8.65 1.54
Q4 2008 8.08 8.08 4.11
Q1 2009 68.92 68.92 2.59
Q2 2009 More than 100 More than 100 2.29
Q3 2009 More than 100 More than 100 1.91
Q4 2009 More than 100 More than 100 1.94
Q1 2010 More than 100 More than 100 1.86
Q2 2010 44.21 44.21 1.68
Q3 2010 43.51 43.51 1.56
Q4 2010 44.01 44.01 1.35
Q1 2011 39.73 39.73 1.18
Q2 2011 59.85 59.85 1.71
Q3 2011 61.83 61.83 2.03
Q4 2011 More than 100 More than 100 3.38
Q1 2012 More than 100 More than 100 2.55
Q2 2012 44.56 44.56 2.11
Q3 2012 56.22 56.22 2.43
Q4 2012 53.98 53.98 2.18
Q1 2013 55.02 55.02 2.21
Q2 2013 56.71 56.71 1.89
Q3 2013 54.76 54.76 1.87


Financial Ratios
Current
Market Cap (M Riyal) 1,114.50
Enterprise Value (EV) (M) 779.26
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (0.80)
Book Value (BV) ( Riyal) 25.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.93
Return on Average Assets (%) (TTM) (2.83 )
Return on Average Equity (%) (TTM) (2.88 )
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Share Price

Saudi Arabia Refineries Co.
74.30
0.20 0.27 %

Saudi Arabia Refineries Co. (SARCO)

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