Saudi Aramco posts 44% profit drop to SAR 184.9 bln in 2020
21/03/2021
Argaam Exclusive
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Saudi Arabian Oil Co. (Saudi Aramco) posted a 44% fall in net profit attributable to shareholders to SAR 184.9 billion for 2020, compared to SAR 330.8 billion a year earlier.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 1,236,785.00 | 862,091.00 | (30.3 %) |
| Gross Income | 763,934.00 | 509,368.00 | (33.3 %) |
| Operating Income | 674,871.00 | 383,360.00 | (43.2 %) |
| Net Income | 330,816.00 | 184,926.00 | (44.1 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 1.37 | 0.76 | (44.1 %) |
The decrease was attributed to lower crude prices, sales volumes, and reduced refining and chemicals margins, when compared to a net income of SAR 330.69 billion ($88.19 billion) for 2019.
The fourth-quarter net profit decreased by 31% to SAR 51.8 billion, compared to SAR 75 billion a year earlier.
Shareholders’ equity, after minority interest, declined 4.3% to SAR 990.850 billion in 2020, from SAR 1.035 trillion a year earlier.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 312,198.00 | 243,798.00 | (21.9 %) |
| Gross Income | 188,077.00 | 147,432.00 | (21.6 %) |
| Operating Income | 161,798.00 | 104,490.00 | (35.4 %) |
| Net Income | 75,011.00 | 51,746.00 | (31.0 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.31 | 0.21 | (31.0 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
| 2020 | 862,091.00 | (30.3 %) | 509,368.00 | (33.3 %) | 383,360.00 | (43.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
| 2020 | 184,926.00 | (44.1 %) | 0.76 | - | 184,926.00 | 0.76 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 2020 | 59.09 % | 53.31 % | 21.45 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2020
| Period | upstream | Downstream | companies | Eliminations |
|---|---|---|---|---|
| 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) |
Analysts Estimates (Million)
| Item | Q4 2020 (e) | Q4 2020 (a) | Change |
|---|---|---|---|
| Average | 55,250.00 | 51,746.00 | (6.3 %) |
Estimates vs Actual (Million)
| Item | Q4 2020 (e) | Q4 2020 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 55,250.00 | 51,746.00 | (6.3) % |
| Current | |
| Market Cap (M Riyal) | 6,763,900.00 |
| Enterprise Value (EV) (M) | 6,947,990.00 |
| Shares Outstanding ((M)) | 242,000.00 |
| EPS ( Riyal) (TTM) | 1.69 |
| Book Value (BV) ( Riyal) | 6.15 |
| Par Value | - |
| Adjusted P/E (Last12) | 16.49 |
| P/E (TTM) | 16.50 |
| Price/book | 4.54 |
| Return on Average Assets (%) (TTM) | 16.5 |
| Return on Average Equity (%) (TTM) | 27.0 |
Share Price
Saudi Arabian Oil Co. (SAUDI ARAMCO)
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