Aramco posts 51% profit rise after minorities to SAR 597.2 bln in 2022; Q4 at SAR 125.3 bln
12/03/2023
Argaam Exclusive
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Saudi Arabian Oil Co. (Saudi Aramco) recorded a 51% leap in profit, after minority interest, to SAR 597.2 billion in 2022, compared to SAR 395.2 billion a year earlier.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,501,758.00 | 2,266,373.00 | 50.9 % |
| Gross Income | 920,808.00 | 1,323,814.00 | 43.8 % |
| Operating Income | 771,918.00 | 1,144,077.00 | 48.2 % |
| Net Income | 395,203.00 | 597,215.00 | 51.1 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 1.63 | 2.47 | 51.1 % |
The profit growth was spurred by higher crude oil prices and volumes sold. The company also posted stronger refining margins.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 446,269.00 | 487,168.00 | 9.2 % |
| Gross Income | 271,963.00 | 289,767.00 | 6.5 % |
| Operating Income | 228,110.00 | 241,649.00 | 5.9 % |
| Net Income | 116,639.00 | 125,340.00 | 7.5 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.48 | 0.52 | 7.5 % |
In Q4 2022, net profit, after minority interest, grew 8% to SAR 125.3 billion, from SAR 116.6 billion in the prior-year period.
The fourth-quarter net profit dropped by 19.7% from SAR 156.06 billion in Q3 2022.
Shareholders’ equity, after minority interest, rose to SAR 1.44 trillion as of Dec. 31, 2022, from SAR 1.11 trillion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| 2022 | 2,266,373.00 | 50.9 % | 1,323,814.00 | 43.8 % | 1,144,077.00 | 48.2 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
| 2022 | 597,215.00 | 51.1 % | 2.47 | 3,528.00 | 593,687.00 | 2.45 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 2022 | 58.41 % | 54.52 % | 26.20 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2022
| Period | upstream | Downstream | companies | Eliminations |
|---|---|---|---|---|
| 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) |
Analysts Estimates (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| Average | 139,148.33 | 125,340.00 | (9.9 %) |
Estimates vs Actual (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| JP Morgan | 129,368.00 | 125,340.00 | (3.1) % |
| Goldman Sachs | 132,035.00 | 125,340.00 | (5.1) % |
| UBS Saudi Arabia | 138,682.00 | 125,340.00 | (9.6) % |
| Hermes | 142,000.00 | 125,340.00 | (11.7) % |
| Al Rajhi Capital | 146,224.00 | 125,340.00 | (14.3) % |
| SNB Capital | 146,581.00 | 125,340.00 | (14.5) % |
| Current | |
| Market Cap (M Riyal) | 6,751,800.00 |
| Enterprise Value (EV) (M) | 6,935,890.00 |
| Shares Outstanding ((M)) | 242,000.00 |
| EPS ( Riyal) (TTM) | 1.69 |
| Book Value (BV) ( Riyal) | 6.15 |
| Par Value | - |
| Adjusted P/E (Last12) | 16.46 |
| P/E (TTM) | 16.47 |
| Price/book | 4.53 |
| 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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