SARCO 9M 2021 net profit rises 28% to SAR 8.2 mln

SARCO 9M 2021 net profit rises 28% to SAR 8.2 mln

26/10/2021 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a 28% growth in net profit after Zakat and tax to SAR 8.2 million in the first nine months of 2021, compared to SAR 6.4 million a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Operating Income (1.87) (0.38) 79.8 %
Net Income 6.39 8.19 28.2 %
Average Shares 15.00 15.00 -
EPS (Riyals) 0.43 0.55 28.2 %

The company attributed the profit rise to the redemption of provisions that were no longer intended, namely the bank guarantee of Arab Sulfonate Co., amounting to SAR 1.5 million.

 

The company also cited an increase in the share of profits from associate firms for the profit rise.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Operating Income (0.52) 1.05 303.3 %
Net Income 0.39 0.83 114.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) 0.03 0.06 114.5 %

The company posted a net profit after Zakat and tax of SAR 828,000 in Q3 2021, rising twofold from SAR 386,080 in Q3 2020, backed by redemption of provisions that were no longer intended, namely the bank guarantee of Arab Sulfonate Co., amounting to SAR 1.5 million.

 

On a sequential basis, SARCO’s profit plunged when compared to SAR 7.1 million in Q2 2021.

 

Shareholders' equity, excluding minority rights, at the end of 9M 2021 amounted to SAR 708.4 million, compared to SAR 436.2 million a year ago.

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 - - - - (0.73) 1.1 %
Q2 2012 - - - - (0.37) (5.7 %)
Q3 2012 - - - - (0.49) (82.6 %)
Q4 2012 - - - - (0.81) 8.4 %
Q1 2013 - - - - (0.66) 8.5 %
Q2 2013 - - - - (0.66) (79.7 %)
Q3 2013 - - - - (0.55) (12.2 %)
Q4 2013 - - - - (1.27) (56.5 %)
Q1 2014 - - - - (0.80) (20.5 %)
Q2 2014 - - - - (0.82) (24.1 %)
Q3 2014 - - - - (0.33) 41.2 %
Q4 2014 - - - - (0.72) 43.3 %
Q1 2015 - - - - (1.02) (27.1 %)
Q2 2015 - - - - (0.53) 35.4 %
Q3 2015 - - - - (0.46) (40.3 %)
Q4 2015 - - - - (4.25) (488.5 %)
Q1 2016 - - - - (0.78) 23.1 %
Q2 2016 - - - - (0.48) 10.7 %
Q3 2016 - - - - (0.55) (20.0 %)
Q4 2016 - - - - (1.05) 75.3 %
Q1 2017 - - - - (4.50) (475.4 %)
Q2 2017 - - - - (0.74) (56.0 %)
Q3 2017 - - - - (0.49) 10.2 %
Q4 2017 - - - - (1.05) 0.1 %
Q1 2018 - - - - (1.04) 77.0 %
Q2 2018 - - - - (0.58) 21.3 %
Q3 2018 - - - - (0.51) (3.9 %)
Q4 2018 - - - - (1.04) 1.0 %
Q1 2019 - - - - (0.63) 39.1 %
Q2 2019 - - - - (0.70) (19.6 %)
Q3 2019 - - - - (0.42) 17.1 %
Q4 2019 - - - - (1.39) (33.4 %)
Q1 2020 - - - - (0.89) (41.1 %)
Q2 2020 - - - - (0.46) 34.4 %
Q3 2020 - - - - (0.52) (22.5 %)
Q4 2020 - - - - (0.92) 33.5 %
Q1 2021 - - - - (0.87) 2.1 %
Q2 2021 - - - - (0.56) (22.3 %)
Q3 2021 - - - - 1.05 303.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 0.64 (15.0 %) 0.04 - 0.64 0.04
Q2 2012 15.47 88.8 % 1.03 - 15.47 1.03
Q3 2012 0.57 25.9 % 0.04 - 0.57 0.04
Q4 2012 0.13 (91.5 %) 0.01 - 0.13 0.01
Q1 2013 0.73 14.6 % 0.05 - 0.73 0.05
Q2 2013 14.24 (8.0 %) 0.95 - 14.24 0.95
Q3 2013 1.27 120.9 % 0.08 - 1.27 0.08
Q4 2013 (0.81) (723.8 %) (0.05) - (0.81) (0.05)
Q1 2014 2.95 303.0 % 0.20 1.00 1.95 0.13
Q2 2014 14.35 0.8 % 0.96 - 14.35 0.96
Q3 2014 7.21 469.2 % 0.48 - 8.21 0.55
Q4 2014 (3.58) (341.2 %) (0.24) 1.00 (4.58) (0.31)
Q1 2015 (0.67) (122.9 %) (0.04) - (0.67) (0.04)
Q2 2015 16.91 17.8 % 1.13 - 16.91 1.13
Q3 2015 0.10 (98.7 %) 0.01 - 0.10 0.01
Q4 2015 (3.61) (0.9 %) (0.24) - (3.61) (0.24)
Q1 2016 (0.72) (7.1 %) (0.05) - (0.72) (0.05)
Q2 2016 (0.20) (101.2 %) (0.01) - (0.20) (0.01)
Q3 2016 (1.30) (1458.3 %) (0.09) - (1.30) (0.09)
Q4 2016 (1.82) 49.6 % (0.12) - (1.82) (0.12)
Q1 2017 3.04 520.8 % 0.20 - 3.04 0.20
Q2 2017 (1.02) (416.2 %) (0.07) - (1.02) (0.07)
Q3 2017 (0.34) 74.2 % (0.02) - (0.34) (0.02)
Q4 2017 5.64 410.2 % 0.38 - 5.64 0.38
Q1 2018 (1.23) (140.4 %) (0.08) - (1.23) (0.08)
Q2 2018 (0.49) 51.9 % (0.03) - (0.49) (0.03)
Q3 2018 6.91 2149.6 % 0.46 - 6.91 0.46
Q4 2018 9.37 66.0 % 0.62 - 9.37 0.62
Q1 2019 (1.27) (3.7 %) (0.08) - (1.27) (0.08)
Q2 2019 10.23 2178.9 % 0.68 - 10.23 0.68
Q3 2019 (0.83) (112.0 %) (0.06) - (0.83) (0.06)
Q4 2019 9.04 (3.5 %) 0.60 - 9.04 0.60
Q1 2020 (1.10) 13.1 % (0.07) - (1.10) (0.07)
Q2 2020 7.10 (30.6 %) 0.47 - 7.10 0.47
Q3 2020 0.39 146.6 % 0.03 - 0.39 0.03
Q4 2020 7.00 (22.6 %) 0.47 - 7.00 0.47
Q1 2021 0.22 120.0 % 0.01 - 0.22 0.01
Q2 2021 7.14 0.5 % 0.48 - 7.14 0.48
Q3 2021 0.83 114.5 % 0.06 - 0.83 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 15.00 0.72 0.72 29.33
Q2 2012 15.00 1.21 1.21 25.43
Q3 2012 15.00 1.21 1.21 28.05
Q4 2012 15.00 1.12 1.12 27.72
Q1 2013 15.00 1.13 1.13 28.03
Q2 2013 15.00 1.04 1.04 31.35
Q3 2013 15.00 1.09 1.09 31.96
Q4 2013 15.00 1.03 1.03 38.17
Q1 2014 15.00 1.18 1.11 40.50
Q2 2014 15.00 1.18 1.12 42.44
Q3 2014 15.00 1.58 1.58 46.80
Q4 2014 15.00 1.40 1.33 31.83
Q1 2015 15.00 1.15 1.15 29.56
Q2 2015 15.00 1.32 1.32 33.68
Q3 2015 15.00 0.85 0.78 24.46
Q4 2015 15.00 0.85 0.85 19.76
Q1 2016 15.00 0.84 0.84 18.11
Q2 2016 15.00 (0.30) (0.30) 18.85
Q3 2016 15.00 (0.39) (0.39) 18.03
Q4 2016 15.00 (0.27) (0.27) 24.10
Q1 2017 15.00 (0.02) (0.02) 26.06
Q2 2017 15.00 (0.07) (0.07) 25.09
Q3 2017 15.00 (0.01) (0.01) 26.07
Q4 2017 15.00 0.49 0.49 24.49
Q1 2018 15.00 0.20 0.20 27.84
Q2 2018 15.00 0.24 0.24 34.49
Q3 2018 15.00 0.72 0.72 33.03
Q4 2018 15.00 0.97 0.97 28.70
Q1 2019 15.00 0.97 0.97 30.37
Q2 2019 15.00 1.68 1.68 30.67
Q3 2019 15.00 1.17 1.17 28.73
Q4 2019 15.00 1.14 1.14 30.26
Q1 2020 15.00 1.16 1.16 21.84
Q2 2020 15.00 0.95 0.95 25.81
Q3 2020 15.00 1.03 1.03 29.08
Q4 2020 15.00 0.89 0.89 33.89
Q1 2021 15.00 0.98 0.98 39.13
Q2 2021 15.00 0.98 0.98 41.41
Q3 2021 15.00 1.01 1.01 47.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 More than 100 More than 100 2.55
Q2 2012 44.56 44.56 2.11
Q3 2012 56.22 56.22 2.43
Q4 2012 53.98 53.98 2.18
Q1 2013 55.02 55.02 2.21
Q2 2013 56.71 56.71 1.89
Q3 2013 54.76 54.76 1.87
Q4 2013 57.13 57.13 1.54
Q1 2014 57.82 61.30 1.68
Q2 2014 62.86 66.61 1.75
Q3 2014 53.67 53.67 1.81
Q4 2014 35.42 37.20 1.55
Q1 2015 49.59 49.59 1.94
Q2 2015 44.18 44.18 1.74
Q3 2015 48.14 52.24 1.67
Q4 2015 48.69 48.69 2.09
Q1 2016 39.60 39.60 1.85
Q2 2016 NEG NEG 1.85
Q3 2016 NEG NEG 1.43
Q4 2016 NEG NEG 1.67
Q1 2017 NEG NEG 1.30
Q2 2017 NEG NEG 1.27
Q3 2017 NEG NEG 1.32
Q4 2017 63.84 63.84 1.27
Q1 2018 More than 100 More than 100 1.47
Q2 2018 More than 100 More than 100 1.34
Q3 2018 56.71 56.71 1.24
Q4 2018 43.07 43.07 1.46
Q1 2019 45.38 45.38 1.45
Q2 2019 22.17 22.17 1.22
Q3 2019 36.82 36.82 1.49
Q4 2019 39.05 39.05 1.48
Q1 2020 27.68 27.68 1.46
Q2 2020 37.20 37.20 1.37
Q3 2020 78.75 78.75 2.79
Q4 2020 More than 100 More than 100 3.10
Q1 2021 More than 100 More than 100 5.00
Q2 2021 More than 100 More than 100 4.21
Q3 2021 More than 100 More than 100 3.43


Financial Ratios
Current
Market Cap (M Riyal) 1,107.00
Enterprise Value (EV) (M) 771.76
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (0.80)
Book Value (BV) ( Riyal) 25.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.91
Return on Average Assets (%) (TTM) (2.83 )
Return on Average Equity (%) (TTM) (2.88 )
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Share Price

Saudi Arabia Refineries Co.
73.80
(0.30) (0.40 %)

Saudi Arabia Refineries Co. (SARCO)

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