Petro Rabigh posts SAR 2.16 bln loss in H1 2023; Q2 at SAR 1.19 bln

Petro Rabigh posts SAR 2.16 bln loss in H1 2023; Q2 at SAR 1.19 bln

08/08/2023 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss of SAR 2.16 billion for H1 2023, against a net profit of SAR 2.10 billion in H1 2022 due to unfavorable market conditions, which weighed on the margins of petrochemicals and refined products.  



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 32,501.63 21,662.31 (33.4 %)
Gross Income 3,500.84 (329.64) (109.4 %)
Operating Income 2,578.19 (1252.33) (148.6 %)
Net Income 2,109.49 (2160.16) (202.4 %)
Average Shares 1,250.63 1,671.00 33.6 %
EPS (Riyals) 1.69 (1.29) (176.6 %)

Moreover, Petro Rabigh’s complex was partially shut down for scheduled turnaround of Phase II units starting from Dec. 1, 2022, to Jan. 23, 2023. 

 

The ethane cracker unit was also shut down starting from March 1-20, 2023, for necessary maintenance to enhance the plant’s reliability.

 

Higher interest rates during the current period also led to an increase in finance costs. Petro Rabigh recorded a non-recurring income of SAR 236.3 million in H1 2022.

 

In Q2 2023, the company swung to a net loss of SAR 1.19 billion from a net profit of SAR 1.38 billion in the prior-year period.

 

The net profit also dropped 24.1% from SAR 964.1 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 18,100.01 10,681.80 (41.0 %)
Gross Income 2,020.58 (202.03) (110.0 %)
Operating Income 1,526.98 (717.69) (147.0 %)
Net Income 1,384.73 (1196.05) (186.4 %)
Average Shares 1,250.63 1,671.00 33.6 %
EPS (Riyals) 1.11 (0.72) (164.6 %)

Shareholders’ equity, no minority interest, rose to SAR 13.09 billion as of June 30, 2023, from SAR 10.52 billion a year earlier.

 

Accumulated losses reached SAR 3.86 billion by the end of the six-month period, representing 23.11% of the company's capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 14,235.50 39.7 % 672.14 249.5 % 413.05 162.8 % 0.33
Q2 2014 14,040.48 (1.1 %) 446.38 6968.4 % 171.98 172.7 % 0.14
Q3 2014 14,814.36 18.1 % 558.23 176.4 % 294.33 1997.6 % 0.24
Q4 2014 11,146.41 (18.5 %) 48.49 (93.2 %) (197.92) (116.0 %) (0.16)
Q1 2015 7,648.01 (46.3 %) 577.44 (14.1 %) 205.43 (50.3 %) 0.16
Q2 2015 8,495.54 (39.5 %) 740.32 65.9 % 504.92 193.6 % 0.40
Q3 2015 6,674.60 (54.9 %) (250.09) (144.8 %) (460.12) (256.3 %) (0.37)
Q4 2015 2,695.71 (75.8 %) (772.34) (1692.7 %) (1008.73) (409.7 %) (0.81)
Q1 2016 4,947.26 (35.3 %) 221.46 (61.6 %) (36.64) (117.8 %) (0.03)
Q2 2016 6,335.74 (25.4 %) 400.82 (45.9 %) 101.00 (80.0 %) 0.08
Q3 2016 6,375.62 (4.5 %) 25.03 110.0 % (210.55) 54.2 % (0.17)
Q4 2016 7,487.51 177.8 % 460.12 159.6 % 180.98 117.9 % 0.14
Q1 2017 6,702.23 35.5 % 65.14 (70.6 %) (239.69) (554.2 %) (0.19)
Q2 2017 8,843.80 39.6 % 634.67 58.3 % 315.66 212.6 % 0.25
Q3 2017 9,141.32 43.4 % 1,101.80 4301.9 % 706.47 435.5 % 0.56
Q4 2017 9,523.67 27.2 % 894.42 94.4 % 640.54 253.9 % 0.51
Q1 2018 9,856.35 47.1 % 772.06 1085.3 % 296.15 223.6 % 0.24
Q2 2018 10,742.81 21.5 % 664.18 4.6 % 234.50 (25.7 %) 0.19
Q3 2018 12,041.25 31.7 % 607.50 (44.9 %) 243.44 (65.5 %) 0.19
Q4 2018 8,357.79 (12.2 %) 271.31 (69.7 %) (105.53) (116.5 %) (0.08)
Q1 2019 8,428.02 (14.5 %) 817.68 5.9 % 256.84 (13.3 %) 0.21
Q2 2019 9,031.62 (15.9 %) 290.65 (56.2 %) (308.45) (231.5 %) (0.25)
Q3 2019 8,742.11 (27.4 %) 870.60 43.3 % 394.17 61.9 % 0.32
Q4 2019 7,860.24 (6.0 %) (261.02) (196.2 %) (886.71) (740.3 %) (0.71)
Q1 2020 4,061.63 (51.8 %) (1385.50) (269.4 %) (1796.83) (799.6 %) (1.44)
Q2 2020 2,706.39 (70.0 %) (453.08) (255.9 %) (1435.09) (365.3 %) (1.15)
Q3 2020 7,051.72 (19.3 %) 133.19 (84.7 %) (609.80) (254.7 %) (0.49)
Q4 2020 8,050.46 2.4 % 802.78 407.6 % 60.61 106.8 % 0.05
Q1 2021 10,135.53 149.5 % 1,286.33 192.8 % 649.37 136.1 % 0.52
Q2 2021 11,109.27 310.5 % 1,367.05 401.7 % 716.94 150.0 % 0.57
Q3 2021 11,276.98 59.9 % 935.43 602.3 % 221.45 136.3 % 0.18
Q4 2021 13,116.29 62.9 % 1,167.68 45.5 % 448.90 640.6 % 0.36
Q1 2022 14,401.62 42.1 % 1,480.26 15.1 % 724.76 11.6 % 0.58
Q2 2022 18,100.01 62.9 % 2,020.58 47.8 % 1,384.73 93.1 % 1.11
Q3 2022 12,644.86 12.1 % (771.96) (182.5 %) (1413.45) (738.3 %) (0.85)
Q4 2022 10,805.99 (17.6 %) (1045.15) (189.5 %) (1810.92) (503.4 %) (1.08)
Q1 2023 10,980.50 (23.8 %) (127.61) (108.6 %) (964.11) (233.0 %) (0.58)
Q2 2023 10,681.80 (41.0 %) (202.03) (110.0 %) (1196.05) (186.4 %) (0.72)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2019 6.51 % 9.27 % 0.69 %
Q4 2019 5.04 % 8.05 % (1.60 %)
Q1 2020 (1.63 %) 2.47 % (8.75 %)
Q2 2020 (5.26 %) 1.02 % (15.94 %)
Q3 2020 (9.07 %) (1.80 %) (21.81 %)
Q4 2020 (4.13 %) 3.21 % (17.29 %)
Q1 2021 6.33 % 12.28 % (4.78 %)
Q2 2021 9.88 % 14.42 % 2.25 %
Q3 2021 10.82 % 14.65 % 4.06 %
Q4 2021 10.42 % 13.64 % 4.46 %
Q1 2022 9.92 % 12.60 % 4.23 %
Q2 2022 9.85 % 11.86 % 4.47 %
Q3 2022 6.69 % 8.76 % 1.56 %
Q4 2022 3.01 % 5.27 % (2.41 %)
Q1 2023 0.14 % 2.66 % (5.79 %)
Q2 2023 (4.76 %) (1.75 %) (11.94 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2019 1,250.63 0.19 0.19 8.88
Q4 2019 1,250.63 (0.44) (0.44) 8.03
Q1 2020 1,250.63 (2.08) (2.08) 6.59
Q2 2020 1,250.63 (2.98) (2.98) 5.44
Q3 2020 1,250.63 (3.78) (3.78) 4.96
Q4 2020 1,250.63 (3.02) (3.02) 4.96
Q1 2021 1,250.63 (1.07) (1.07) 5.48
Q2 2021 1,250.63 0.65 0.65 6.07
Q3 2021 1,250.63 1.32 1.32 6.24
Q4 2021 1,250.63 1.63 1.63 6.64
Q1 2022 1,250.63 1.69 1.69 7.25
Q2 2022 1,250.63 2.22 2.03 8.41
Q3 2022 1,671.00 0.69 0.54 10.13
Q4 2022 1,671.00 (0.67) (0.81) 9.13
Q1 2023 1,671.00 (1.68) (1.82) 8.55
Q2 2023 1,671.00 (3.22) (3.22) 7.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2019 98.10 98.10 2.09
Q4 2019 NEG NEG 2.53
Q1 2020 NEG NEG 1.52
Q2 2020 NEG NEG 2.31
Q3 2020 NEG NEG 2.95
Q4 2020 NEG NEG 2.61
Q1 2021 NEG NEG 2.88
Q2 2021 33.67 33.67 3.63
Q3 2021 19.89 19.89 4.20
Q4 2021 11.90 11.90 2.92
Q1 2022 15.66 15.66 3.65
Q2 2022 10.26 11.21 2.71
Q3 2022 20.02 25.23 1.35
Q4 2022 NEG NEG 1.17
Q1 2023 NEG NEG 1.18
Q2 2023 NEG NEG 1.47

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
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
Q3 2019 6,930.13 1,811.98
Q4 2019 5,387.40 2,472.84
Q1 2020 2,632.33 1,429.31
Q2 2020 1,726.85 979.54
Q3 2020 4,196.94 2,854.78
Q4 2020 4,657.58 3,392.88
Q1 2021 6,339.68 3,795.84
Q2 2021 6,401.95 4,707.33
Q3 2021 6,925.36 4,351.62
Q4 2021 8,258.98 4,857.30
Q1 2022 10,164.99 4,236.63
Q2 2022 13,303.70 4,796.32
Q3 2022 8,653.58 3,991.28
Q4 2022 8,453.80 2,352.19
Q1 2023 8,710.13 2,270.37
Q2 2023 7,141.51 3,540.30

Analysts Estimates (Million)

Item Q2 2023 (e) Q2 2023 (a) Change‬
Average (1102.00) (1196.05) (8.5 %)

Estimates vs Actual (Million)

Item Q2 2023 (e) Q2 2023 (a) Change
HSBC (1102.00) (1196.05) (8.5) %

Current
Market Cap (M Riyal) 11,162.28
Enterprise Value (EV) (M) 41,957.31
Shares Outstanding ((M)) 1,671.00
EPS ( Riyal) (TTM) (3.05)
Book Value (BV) ( Riyal) 5.50
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.22
Return on Average Assets (%) (TTM) (7.97 )
Return on Average Equity (%) (TTM) (43.39 )

Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)


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