Saudi Aramco posts 50% profit drop to SAR 88.9 bln in H1 2020

Saudi Aramco posts 50% profit drop to SAR 88.9 bln in H1 2020

09/08/2020 Argaam Exclusive

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The Saudi Arabian Oil Co. (Saudi Aramco) posted a 50% drop in net profit after Zakat and tax to SAR 88.9 billion for H1 2020, compared to SAR 176 billion in H1 2019.

 

The decrease was attributed to lower prices, inventory reassessment losses, as well as lower refining and chemicals margins on 2020 net income.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 619,941.00 389,699.00 (37.1 %)
Gross Income 390,047.00 232,557.00 (40.4 %)
Operating Income 347,877.00 182,824.00 (47.4 %)
Net Income 176,017.00 88,902.00 (49.5 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.73 0.37 (49.5 %)

The second quarter net profit after Zakat and tax plunged 73% to SAR 24.6 billion, compared to SAR 92.6 billion a year earlier.

 

The slump was attributed to the impact of lower crude prices, declining refining and chemicals margins, a decrease in the royalty rate from 20% to 15%, lower income taxes and Zakat due to lower earnings, along with higher other income related to gas products sales.

 

When compared to the previous quarter, net profit plummeted 60.6%, mainly due to lower crude prices, lower income taxes and Zakat, as well as the absence of inventory reassessment losses that impacted the first quarter of 2020.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 322,307.00 139,354.00 (56.8 %)
Gross Income 202,770.00 81,121.00 (60.0 %)
Operating Income 181,256.00 53,092.00 (70.7 %)
Net Income 92,791.00 25,370.00 (72.7 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.38 0.10 (72.7 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 - - - - - -
Q2 2011 - - - - - -
Q3 2011 - - - - - -
Q4 2011 - - - - - -
Q1 2012 - - - - - -
Q2 2012 - - - - - -
Q3 2012 - - - - - -
Q4 2012 - - - - - -
Q1 2013 - - - - - -
Q2 2013 - - - - - -
Q3 2013 - - - - - -
Q4 2013 - - - - - -
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
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

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)

Analysts Estimates (Million)

Item Q2 2020 (e) Q2 2020 (a) Change‬
Average 35,169.00 25,370.00 (27.9 %)

Estimates vs Actual (Million)

Item Q2 2020 (e) Q2 2020 (a) Change
Al Rajhi Capital 35,169.00 25,370.00 (27.9) %


Financial Ratios
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
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Share Price

Saudi Arabian Oil Co.
28.00
0.05 0.18 %

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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