Saudi Aramco posts net profit of SAR 395.2 bln in 2021; Q4 at SAR 116.6 bln
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Saudi Arabian Oil Co. (Saudi Aramco) reported a net profit attributable to shareholders of SAR 395.2 billion in 2021, compared to SAR 184.9 billion a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 862,091.00 | 1,501,758.00 | 74.2 % |
| Gross Income | 509,368.00 | 920,808.00 | 80.8 % |
| Operating Income | 383,360.00 | 771,918.00 | 101.4 % |
| Net Income | 184,926.00 | 395,203.00 | 113.7 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.76 | 1.63 | 113.7 % |
The profit growth was spurred by a rise in crude oil prices, the consolidation of SABIC’s full-year results, and improved margins from refining and chemicals.
In Q4 2021, the oil major reported a net profit of SAR 116.6 billion, compared to SAR 51.75 billion a year earlier.
When compared to the previous quarter, Q4 net profit jumped 6.9% from SAR 109 billion.
Current Quarter Comparison (M)
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 243,798.00 | 446,269.00 | 83.0 % |
| Gross Income | 147,432.00 | 271,963.00 | 84.5 % |
| Operating Income | 104,490.00 | 228,110.00 | 118.3 % |
| Net Income | 51,746.00 | 116,639.00 | 125.4 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.21 | 0.48 | 125.4 % |
Shareholders’ equity, after minority interest, increased by 12.3% to SAR 1.113 trillion as of Dec. 31, 2021, compared to SAR 990.85 billion a year earlier.
Saudi Aramco’s consolidated statement of income does not include gross profit, due to the company’s business in prospecting, exploring, drilling and extracting hydrocarbon substances (upstream).
Other income related to sales stood at SAR 154.83 billion in 2021. Accordingly, revenue and other income related to sales amounted to SAR 1.501 trillion.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| 2021 | 1,501,758.00 | 74.2 % | 920,808.00 | 80.8 % | 771,918.00 | 101.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
| 2021 | 395,203.00 | 113.7 % | 1.63 | - | 395,203.00 | 1.63 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 2021 | 61.32 % | 57.10 % | 26.32 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2021
| Period | upstream | Downstream | companies | Eliminations |
|---|---|---|---|---|
| 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) |
Analysts Estimates (Million)
| Item | Q4 2021 (e) | Q4 2021 (a) | Change |
|---|---|---|---|
| Average | 119,696.50 | 116,639.00 | (2.6 %) |
Estimates vs Actual (Million)
| Item | Q4 2021 (e) | Q4 2021 (a) | Change |
|---|---|---|---|
| UBS Saudi Arabia | 114,604.00 | 116,639.00 | 1.8 % |
| Al Rajhi Capital | 124,789.00 | 116,639.00 | (6.5) % |
| 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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