Petro Rabigh swings to loss in H1 2019

Petro Rabigh swings to loss in H1 2019

29/07/2019 Argaam Exclusive

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Rabigh Refining and Petrochemical Company (Petro Rabigh) incurred net losses of SAR 52 million for the first half of 2019, versus net profit of SAR 531 million in year-earlier period due to the enactment of IFRS 16.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 20,599.16 17,459.63 (15.2 %)
Gross Income 1,436.24 1,108.33 (22.8 %)
Operating Income 674.77 405.79 (39.9 %)
Net Income 530.65 (51.61) (109.7 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.42 (0.04) (109.7 %)

Petro Rabigh incurred net losses of SAR 308 million for Q2 2019, versus net profit of SAR 235 million in year-earlier period due to lower profit margins, despite improved operating performance. 

 

Q2 financials were also hit by the implementation of IFRS 16.

 

When compared to previous quarter, the company reported net profit of SAR 257 million in Q1 2019, driven by a decrease in profit margins from petrochemical products.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 10,742.81 9,031.62 (15.9 %)
Gross Income 664.18 290.65 (56.2 %)
Operating Income 297.20 (55.00) (118.5 %)
Net Income 234.50 (308.45) (231.5 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.19 (0.25) (231.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 10,676.41 89.7 % 159.49 49.0 % (49.76) (27.9 %)
Q2 2010 12,000.67 95.2 % 314.81 567.3 % 82.93 134.5 %
Q3 2010 11,274.84 54.4 % (23.30) 96.0 % (213.08) 71.4 %
Q4 2010 12,885.98 24.6 % 277.66 218.7 % 67.11 136.4 %
Q1 2011 15,053.32 41.0 % 939.15 488.8 % 709.57 1525.9 %
Q2 2011 7,629.24 (36.4 %) (178.88) (156.8 %) (389.08) (569.2 %)
Q3 2011 14,100.10 25.1 % (78.14) (235.4 %) (271.42) (27.4 %)
Q4 2011 16,594.17 28.8 % 302.06 8.8 % 53.72 (20.0 %)
Q1 2012 15,998.12 6.3 % 381.45 (59.4 %) 151.39 (78.7 %)
Q2 2012 14,844.32 94.6 % 173.23 196.8 % (62.19) 84.0 %
Q3 2012 15,503.01 9.9 % 644.33 924.6 % 460.97 269.8 %
Q4 2012 15,665.42 (5.6 %) 330.16 9.3 % 103.79 93.2 %
Q1 2013 10,189.36 (36.3 %) (449.51) (217.8 %) (628.46) (515.1 %)
Q2 2013 14,195.60 (4.4 %) (6.50) (103.8 %) (210.91) (239.1 %)
Q3 2013 12,539.61 (19.1 %) 201.93 (68.7 %) 27.94 (93.9 %)
Q4 2013 13,673.13 (12.7 %) 715.18 116.6 % 498.43 380.2 %
Q1 2014 14,235.50 39.7 % 672.14 249.5 % 416.31 166.2 %
Q2 2014 14,040.48 (1.1 %) 446.38 6968.4 % 192.36 191.2 %
Q3 2014 14,814.36 18.1 % 558.23 176.4 % 306.15 995.8 %
Q4 2014 11,146.41 (18.5 %) 48.49 (93.2 %) (181.08) (136.3 %)
Q1 2015 7,648.01 (46.3 %) 577.44 (14.1 %) 225.34 (45.9 %)
Q2 2015 8,495.54 (39.5 %) 740.32 65.9 % 493.77 156.7 %
Q3 2015 6,674.60 (54.9 %) (250.09) (144.8 %) (463.33) (251.3 %)
Q4 2015 2,695.71 (75.8 %) (772.34) (1692.7 %) (1015.87) (461.0 %)
Q1 2016 4,947.26 (35.3 %) 221.46 (61.6 %) (9.53) (104.2 %)
Q2 2016 6,335.74 (25.4 %) 400.82 (45.9 %) 115.95 (76.5 %)
Q3 2016 6,375.62 (4.5 %) 25.03 110.0 % (201.43) 56.5 %
Q4 2016 7,487.51 177.8 % 460.12 159.6 % 217.56 121.4 %
Q1 2017 6,702.23 35.5 % 65.14 (70.6 %) (172.65) (1,711.3 %)
Q2 2017 8,843.80 39.6 % 634.67 58.3 % 392.70 238.7 %
Q3 2017 9,141.32 43.4 % 1,101.80 4301.9 % 809.76 502.0 %
Q4 2017 9,523.67 27.2 % 894.42 94.4 % 623.16 186.4 %
Q1 2018 9,856.35 47.1 % 772.06 1085.3 % 377.56 318.7 %
Q2 2018 10,742.81 21.5 % 664.18 4.6 % 297.20 (24.3 %)
Q3 2018 12,041.25 31.7 % 607.50 (44.9 %) 343.71 (57.6 %)
Q4 2018 8,357.79 (12.2 %) 271.31 (69.7 %) (91.05) (114.6 %)
Q1 2019 8,428.02 (14.5 %) 817.68 5.9 % 460.79 22.0 %
Q2 2019 9,031.62 (15.9 %) 290.65 (56.2 %) (55.00) (118.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 271.54 1046.5 % 0.22 - 271.54 0.22
Q2 2010 121.78 151.6 % 0.10 - 121.78 0.10
Q3 2010 (237.19) 71.9 % (0.19) - (237.19) (0.19)
Q4 2010 52.56 116.2 % 0.04 310.84 (258.28) (0.21)
Q1 2011 698.47 157.2 % 0.56 - 698.47 0.56
Q2 2011 (402.32) (430.4 %) (0.32) - (402.32) (0.32)
Q3 2011 (280.57) (18.3 %) (0.22) - (280.57) (0.22)
Q4 2011 50.32 (4.3 %) 0.04 - 50.32 0.04
Q1 2012 115.85 (83.4 %) 0.09 - 115.85 0.09
Q2 2012 (104.36) 74.1 % (0.08) - (104.36) (0.08)
Q3 2012 409.31 245.9 % 0.33 - 409.31 0.33
Q4 2012 68.07 35.3 % 0.05 - 68.07 0.05
Q1 2013 (658.06) (668.1 %) (0.53) - (658.06) (0.53)
Q2 2013 (236.70) (126.8 %) (0.19) - (236.70) (0.19)
Q3 2013 14.03 (96.6 %) 0.01 - 14.03 0.01
Q4 2013 1,239.91 1721.5 % 0.99 750.00 489.91 0.39
Q1 2014 413.05 162.8 % 0.33 - 413.05 0.33
Q2 2014 171.98 172.7 % 0.14 - 171.98 0.14
Q3 2014 294.33 1997.6 % 0.24 - 294.33 0.24
Q4 2014 (197.92) (116.0 %) (0.16) - (197.92) (0.16)
Q1 2015 205.43 (50.3 %) 0.16 - 205.43 0.16
Q2 2015 504.92 193.6 % 0.40 - 504.92 0.40
Q3 2015 (460.12) (256.3 %) (0.37) - (460.12) (0.37)
Q4 2015 (1008.73) (409.7 %) (0.81) - (1008.73) (0.81)
Q1 2016 (36.64) (117.8 %) (0.03) - (36.64) (0.03)
Q2 2016 101.00 (80.0 %) 0.08 - 101.00 0.08
Q3 2016 (210.55) 54.2 % (0.17) - (210.55) (0.17)
Q4 2016 180.98 117.9 % 0.14 - 180.98 0.14
Q1 2017 (239.69) (554.2 %) (0.19) - (239.69) (0.19)
Q2 2017 315.66 212.6 % 0.25 - 315.66 0.25
Q3 2017 706.47 435.5 % 0.56 - 706.47 0.56
Q4 2017 640.54 253.9 % 0.51 - 640.54 0.51
Q1 2018 296.15 223.6 % 0.24 - 296.15 0.24
Q2 2018 234.50 (25.7 %) 0.19 - 234.50 0.19
Q3 2018 243.44 (65.5 %) 0.19 - 243.44 0.19
Q4 2018 (105.53) (116.5 %) (0.08) - (105.53) (0.08)
Q1 2019 256.84 (13.3 %) 0.21 - 256.84 0.21
Q2 2019 (308.45) (231.5 %) (0.25) - (308.45) (0.25)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 (1.17 %) 0.52 % (3.29 %)
Q2 2010 (0.05 %) 2.28 % (1.92 %)
Q3 2010 1.21 % 4.04 % (0.38 %)
Q4 2010 1.56 % 4.07 % (0.22 %)
Q1 2011 2.95 % 5.22 % 0.63 %
Q2 2011 2.17 % 4.54 % (0.43 %)
Q3 2011 1.93 % 4.22 % (0.49 %)
Q4 2011 1.84 % 4.14 % 0.12 %
Q1 2012 0.79 % 3.11 % (0.95 %)
Q2 2012 1.27 % 3.34 % (0.36 %)
Q3 2012 2.38 % 4.44 % 0.75 %
Q4 2012 2.47 % 4.57 % 0.79 %
Q1 2013 1.24 % 3.66 % (0.51 %)
Q2 2013 0.93 % 3.43 % (0.75 %)
Q3 2013 0.14 % 2.80 % (1.55 %)
Q4 2013 0.91 % 3.72 % (0.77 %)
Q1 2014 2.90 % 5.38 % 1.24 %
Q2 2014 3.74 % 6.20 % 2.00 %
Q3 2014 4.21 % 6.49 % 2.41 %
Q4 2014 3.18 % 5.56 % 1.26 %
Q1 2015 3.42 % 5.94 % 0.99 %
Q2 2015 4.57 % 7.40 % 1.92 %
Q3 2015 3.29 % 6.76 % 0.15 %
Q4 2015 1.16 % 5.55 % (2.97 %)
Q1 2016 (0.27 %) 5.38 % (4.39 %)
Q2 2016 (1.94 %) 4.26 % (6.80 %)
Q3 2016 (0.61 %) 5.96 % (5.67 %)
Q4 2016 4.40 % 10.11 % 0.14 %
Q1 2017 3.54 % 8.81 % (0.63 %)
Q2 2017 4.03 % 9.05 % 0.16 %
Q3 2017 7.03 % 11.47 % 2.99 %
Q4 2017 7.88 % 11.97 % 4.16 %
Q1 2018 9.11 % 12.46 % 5.24 %
Q2 2018 8.74 % 11.61 % 4.78 %
Q3 2018 6.97 % 9.69 % 3.36 %
Q4 2018 5.65 % 8.20 % 1.63 %
Q1 2019 5.97 % 8.57 % 1.59 %
Q2 2019 5.25 % 7.92 % 0.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 1,250.63 (0.91) (0.91) 6.48
Q2 2010 1,250.63 (0.62) (0.62) 6.58
Q3 2010 1,250.63 (0.13) (0.13) 6.39
Q4 2010 1,250.63 0.17 (0.08) 6.40
Q1 2011 1,250.63 0.51 0.26 6.95
Q2 2011 1,250.63 0.09 (0.16) 6.63
Q3 2011 1,250.63 0.05 (0.19) 6.41
Q4 2011 1,250.63 0.05 0.05 6.47
Q1 2012 1,250.63 (0.41) (0.41) 6.56
Q2 2012 1,250.63 (0.17) (0.17) 6.48
Q3 2012 1,250.63 0.38 0.38 6.80
Q4 2012 1,250.63 0.39 0.39 6.85
Q1 2013 1,250.63 (0.23) (0.23) 6.32
Q2 2013 1,250.63 (0.33) (0.33) 6.13
Q3 2013 1,250.63 (0.65) (0.65) 6.15
Q4 2013 1,250.63 0.29 (0.31) 7.13
Q1 2014 1,250.63 1.14 0.54 7.46
Q2 2014 1,250.63 1.47 0.87 7.59
Q3 2014 1,250.63 1.69 1.09 7.81
Q4 2014 1,250.63 0.54 0.54 7.64
Q1 2015 1,250.63 0.38 0.38 7.80
Q2 2015 1,250.63 0.65 0.65 8.20
Q3 2015 1,250.63 0.04 0.04 7.47
Q4 2015 1,250.63 (0.61) (0.61) 6.68
Q1 2016 1,250.63 (0.80) (0.80) 6.57
Q2 2016 1,250.63 (1.12) (1.12) 6.66
Q3 2016 1,250.63 (0.92) (0.92) 6.48
Q4 2016 1,250.63 0.03 0.03 6.71
Q1 2017 1,250.63 (0.13) (0.13) 6.43
Q2 2017 1,250.63 0.04 0.04 6.71
Q3 2017 1,250.63 0.77 0.77 7.34
Q4 2017 1,250.63 1.14 1.14 8.06
Q1 2018 1,250.63 1.57 1.57 8.36
Q2 2018 1,250.63 1.50 1.50 8.26
Q3 2018 1,250.63 1.13 1.13 8.51
Q4 2018 1,250.63 0.53 0.53 8.43
Q1 2019 1,250.63 0.50 0.50 8.68
Q2 2019 1,250.63 0.07 0.07 8.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 NEG NEG 4.93
Q2 2010 NEG NEG 3.90
Q3 2010 NEG NEG 3.64
Q4 2010 More than 100 NEG 3.28
Q1 2011 45.41 88.87 3.32
Q2 2011 More than 100 NEG 3.80
Q3 2011 More than 100 NEG 3.57
Q4 2011 More than 100 More than 100 3.37
Q1 2012 NEG NEG 3.77
Q2 2012 NEG NEG 2.75
Q3 2012 45.98 45.98 2.55
Q4 2012 42.03 42.03 2.40
Q1 2013 NEG NEG 2.60
Q2 2013 NEG NEG 2.42
Q3 2013 NEG NEG 2.31
Q4 2013 79.05 NEG 3.18
Q1 2014 21.37 44.92 3.28
Q2 2014 19.67 33.21 3.81
Q3 2014 18.24 28.23 3.96
Q4 2014 31.19 31.19 2.22
Q1 2015 52.78 52.78 2.56
Q2 2015 30.59 30.59 2.41
Q3 2015 More than 100 More than 100 2.01
Q4 2015 NEG NEG 1.72
Q1 2016 NEG NEG 1.50
Q2 2016 NEG NEG 1.62
Q3 2016 NEG NEG 1.43
Q4 2016 More than 100 More than 100 1.64
Q1 2017 NEG NEG 1.85
Q2 2017 More than 100 More than 100 1.59
Q3 2017 16.71 16.71 1.75
Q4 2017 13.53 13.53 1.91
Q1 2018 14.84 14.84 2.78
Q2 2018 17.68 17.68 3.21
Q3 2018 19.32 19.32 2.57
Q4 2018 33.42 33.42 2.12
Q1 2019 37.77 37.77 2.19
Q2 2019 More than 100 More than 100 2.29

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
Q1 2010 8,913.81 1,762.60
Q2 2010 9,558.49 2,442.18
Q3 2010 9,643.47 1,631.36
Q4 2010 10,942.03 1,943.95
Q1 2011 12,677.38 2,375.95
Q2 2011 6,540.62 1,088.63
Q3 2011 12,335.94 1,764.15
Q4 2011 13,711.37 2,882.80
Q1 2012 13,734.88 2,263.24
Q2 2012 12,337.62 2,506.70
Q3 2012 13,523.90 1,979.12
Q4 2012 12,945.52 2,719.91
Q1 2013 9,081.84 1,107.53
Q2 2013 12,300.99 1,894.61
Q3 2013 10,172.41 2,367.20
Q4 2013 11,310.72 2,362.41
Q1 2014 11,728.13 2,507.37
Q2 2014 11,627.12 2,413.36
Q3 2014 12,239.59 2,574.78
Q4 2014 8,501.53 2,644.88
Q1 2015 5,808.61 1,839.40
Q2 2015 6,508.04 1,987.50
Q3 2015 5,337.85 1,336.75
Q4 2015 1,846.11 849.60
Q1 2016 3,949.86 997.40
Q2 2016 4,609.96 1,725.79
Q3 2016 5,036.36 1,339.26
Q4 2016 5,827.73 1,659.77
Q1 2017 5,288.48 1,413.75
Q2 2017 6,781.72 2,062.09
Q3 2017 6,986.55 2,154.77
Q4 2017 7,180.40 2,343.26
Q1 2018 7,525.00 2,331.35
Q2 2018 8,067.19 2,675.62
Q3 2018 9,410.60 2,630.65
Q4 2018 6,444.51 1,913.28
Q1 2019 6,512.69 1,915.32
Q2 2019 7,046.58 1,985.04


Financial Ratios
Current
Market Cap (M Riyal) 14,153.37
Enterprise Value (EV) (M) 42,437.95
Shares Outstanding ((M)) 1,671.00
EPS ( Riyal) (TTM) (3.08)
Book Value (BV) ( Riyal) 6.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.34
Return on Average Assets (%) (TTM) (8.04 )
Return on Average Equity (%) (TTM) (45.74 )
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Share Price

Rabigh Refining and Petrochemical Co.
8.47
0.07 0.83 %

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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