Aramco’s Q1 profit down 17% to SAR 117.5 bln

09/05/2023 Argaam Exclusive

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Share Price

Saudi Arabian Oil Co. (SAUDI ARAMCO)

Saudi Arabian Oil Co. (Saudi Aramco) reported a drop in Q1 2023 net profit to SAR 117.5 billion, from SAR 142 billion in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	516,897.00	459,833.00	(11.0 %)
Gross Income	319,172.00	260,337.00	(18.4 %)
Operating Income	277,705.00	222,328.00	(19.9 %)
Net Income	142,012.00	117,471.00	(17.3 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.59	0.49	(17.3 %)

Item	Q4 2022	Q1 2023	Change‬
Revenues	487,168.00	459,833.00	(5.6 %)
Gross Income	289,767.00	260,337.00	(10.2 %)
Operating Income	241,649.00	222,328.00	(8.0 %)
Net Income	125,340.00	117,471.00	(6.3 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.52	0.49	(6.3 %)

The decline was attributed to lower crude oil prices. However, this was partially offset by lower income tax and Zakat expenses, along with higher finance and other income.

The first-quarter net profit declined 6.3% from SAR 125.34 billion in Q4 2022 on lower crude oil prices.

Shareholders’ equity, after minority interest, rose to SAR 1.49 trillion as of March 31, 2023, from SAR 1.19 trillion a year earlier.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	504,596.00	-	391,909.00	-	48,349.00	-	0.20
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	990,659.00	96.3 %	652,986.00	66.6 %	283,198.00	485.7 %	1.17
Q1 2018	287,510.00	-	193,232.00	-	91,787.00	-	0.38
Q2 2018	341,276.00	-	222,990.00	-	106,574.00	-	0.44
Q3 2018	363,374.00	-	240,041.00	-	113,375.00	-	0.47
Q4 2018	354,857.00	-	216,943.00	-	104,460.00	-	0.43
2018	1,347,017.00	36.0 %	873,206.00	33.7 %	416,196.00	47.0 %	1.72
Q1 2019	297,634.00	3.5 %	187,277.00	(3.1 %)	83,226.00	(9.3 %)	0.34
Q2 2019	322,307.00	(5.6 %)	202,770.00	(9.1 %)	92,791.00	(12.9 %)	0.38
Q3 2019	304,646.00	(16.2 %)	185,810.00	(22.6 %)	79,788.00	(29.6 %)	0.33
Q4 2019	312,198.00	(12.0 %)	188,077.00	(13.3 %)	75,011.00	(28.2 %)	0.31
2019	1,236,785.00	(8.2 %)	763,934.00	(12.5 %)	330,816.00	(20.5 %)	1.37
Q1 2020	250,345.00	(15.9 %)	151,436.00	(19.1 %)	63,532.00	(23.7 %)	0.26
Q2 2020	139,354.00	(56.8 %)	81,121.00	(60.0 %)	25,370.00	(72.7 %)	0.10
Q3 2020	228,594.00	(25.0 %)	129,379.00	(30.4 %)	44,278.00	(44.5 %)	0.18
Q4 2020	243,798.00	(21.9 %)	147,432.00	(21.6 %)	51,746.00	(31.0 %)	0.21
2020	862,091.00	(30.3 %)	509,368.00	(33.3 %)	184,926.00	(44.1 %)	0.76
Q1 2021	300,157.00	19.9 %	185,432.00	22.4 %	78,590.00	23.7 %	0.32
Q2 2021	349,950.00	151.1 %	215,179.00	165.3 %	90,902.00	258.3 %	0.38
Q3 2021	405,382.00	77.3 %	248,234.00	91.9 %	109,072.00	146.3 %	0.45
Q4 2021	446,269.00	83.0 %	271,963.00	84.5 %	116,639.00	125.4 %	0.48
2021	1,501,758.00	74.2 %	920,808.00	80.8 %	395,203.00	113.7 %	1.63
Q1 2022	516,897.00	72.2 %	319,172.00	72.1 %	142,012.00	80.7 %	0.59
Q2 2022	648,373.00	85.3 %	371,593.00	72.7 %	173,795.00	91.2 %	0.72
Q3 2022	613,935.00	51.4 %	343,282.00	38.3 %	156,068.00	43.1 %	0.64
Q4 2022	487,168.00	9.2 %	289,767.00	6.5 %	125,340.00	7.5 %	0.52
2022	2,266,373.00	50.9 %	1,323,814.00	43.8 %	597,215.00	51.1 %	2.47
Q1 2023	459,833.00	(11.0 %)	260,337.00	(18.4 %)	117,471.00	(17.3 %)	0.49

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
2016	504,596.00	-	391,909.00	-	48,349.00	-	0.20
2017	990,659.00	96.3 %	652,986.00	66.6 %	283,198.00	485.7 %	1.17
2018	1,347,017.00	36.0 %	873,206.00	33.7 %	416,196.00	47.0 %	1.72
2019	1,236,785.00	(8.2 %)	763,934.00	(12.5 %)	330,816.00	(20.5 %)	1.37
2020	862,091.00	(30.3 %)	509,368.00	(33.3 %)	184,926.00	(44.1 %)	0.76
2021	1,501,758.00	74.2 %	920,808.00	80.8 %	395,203.00	113.7 %	1.63
2022	2,266,373.00	50.9 %	1,323,814.00	43.8 %	597,215.00	51.1 %	2.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	77.67 %	67.24 %	9.58 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	65.91 %	62.59 %	28.59 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	64.83 %	60.87 %	30.90 %
2018	64.83 %	62.34 %	30.90 %
Q1 2019	63.90 %	60.72 %	30.04 %
Q2 2019	63.30 %	60.72 %	29.43 %
Q3 2019	61.96 %	59.63 %	28.16 %
Q4 2019	61.77 %	58.63 %	26.75 %
2019	61.77 %	58.63 %	26.75 %
Q1 2020	61.21 %	58.08 %	26.16 %
Q2 2020	60.25 %	56.37 %	24.21 %
Q3 2020	59.11 %	54.36 %	22.37 %
Q4 2020	59.09 %	53.31 %	21.45 %
2020	59.09 %	53.31 %	21.45 %
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 %
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 %
Q1 2023	57.26 %	53.47 %	25.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	77.67 %	67.24 %	9.58 %
2017	65.91 %	62.59 %	28.59 %
2018	64.83 %	62.34 %	30.90 %
2019	61.77 %	58.63 %	26.75 %
2020	59.09 %	53.31 %	21.45 %
2021	61.32 %	57.10 %	26.32 %
2022	58.41 %	54.52 %	26.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	67.21 %	-	31.92 %
Q2 2018	65.34 %	-	31.23 %
Q3 2018	66.06 %	62.71 %	31.20 %
Q4 2018	61.14 %	59.90 %	29.44 %
Q1 2019	62.92 %	60.14 %	27.96 %
Q2 2019	62.91 %	59.94 %	28.79 %
Q3 2019	60.99 %	58.49 %	26.19 %
Q4 2019	60.24 %	55.99 %	24.03 %
Q1 2020	60.49 %	57.81 %	25.38 %
Q2 2020	58.21 %	50.01 %	18.21 %
Q3 2020	56.60 %	51.00 %	19.37 %
Q4 2020	60.47 %	52.74 %	21.22 %
Q1 2021	61.78 %	57.35 %	26.18 %
Q2 2021	61.49 %	57.16 %	25.98 %
Q3 2021	61.23 %	57.95 %	26.91 %
Q4 2021	60.94 %	56.10 %	26.14 %
Q1 2022	61.75 %	57.78 %	27.47 %
Q2 2022	57.31 %	53.36 %	26.33 %
Q3 2022	55.92 %	52.57 %	25.42 %
Q4 2022	59.48 %	55.09 %	25.63 %
Q1 2023	56.62 %	53.13 %	24.57 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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	242,000.00	-	-	-
Q2 2018	242,000.00	-	-	-
Q3 2018	242,000.00	-	-	-
Q4 2018	242,000.00	1.72	1.72	4.20
Q1 2019	242,000.00	1.68	1.68	-
Q2 2019	242,000.00	1.63	1.63	4.19
Q3 2019	242,000.00	1.49	1.49	4.29
Q4 2019	242,000.00	1.37	1.37	4.28
Q1 2020	242,000.00	1.29	1.29	4.42
Q2 2020	242,000.00	1.01	1.01	4.24
Q3 2020	242,000.00	0.86	0.86	4.15
Q4 2020	242,000.00	0.76	0.76	4.09
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
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
Q1 2023	242,000.00	2.37	2.33	6.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	242,000.00	0.20	0.20	2.99
2017	242,000.00	1.17	1.17	3.36
2018	242,000.00	1.72	1.72	4.20
2019	242,000.00	1.37	1.37	4.28
2020	242,000.00	0.76	0.76	4.09
2021	242,000.00	1.63	1.63	4.60
2022	242,000.00	2.47	2.45	5.99

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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	21.32	21.32	6.81
Q1 2020	19.39	19.39	5.64
Q2 2020	26.68	26.68	6.34
Q3 2020	34.50	34.50	7.15
Q4 2020	37.87	37.87	7.07
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
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
Q1 2023	12.41	12.58	4.76

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	21.32	21.32	6.81
2020	37.87	37.87	7.07
2021	18.12	18.12	6.43
2022	11.83	11.90	4.87

Business Segments (Million)

Compared With The

Period	upstream	Downstream	companies	Eliminations
Q1 2019	237,105.00	122,907.00	339.00	(62717.00)
Q2 2019	257,113.00	136,125.00	345.00	(71276.00)
Q3 2019	236,714.00	130,565.00	362.00	(62995.00)
Q4 2019	239,463.00	137,822.00	593.00	(65680.00)
Q1 2020	192,737.00	112,283.00	484.00	(55159.00)
Q2 2020	95,490.00	71,739.00	409.00	(28284.00)
Q3 2020	154,065.00	121,906.00	363.00	(47740.00)
Q4 2020	163,178.00	135,293.00	414.00	(55087.00)
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)
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)
Q1 2023	301,914.00	253,962.00	504.00	(96547.00)

Period	upstream	Downstream	companies	Eliminations
2016	525,855.00	167,734.00	1,083.00	(190076.00)
2017	816,634.00	415,827.00	1,210.00	(243012.00)
2018	1,102,161.00	552,825.00	1,585.00	(309554.00)
2019	970,395.00	527,419.00	1,639.00	(262668.00)
2020	605,470.00	441,221.00	1,670.00	(186270.00)
2021	1,015,437.00	823,028.00	1,778.00	(338485.00)
2022	1,573,405.00	1,199,714.00	1,951.00	(508697.00)

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	122,993.56	117,471.00	(4.5 %)

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
JP Morgan	116,634.33	117,471.00	0.7 %
Al Rajhi Capital	118,680.00	117,471.00	(1.0) %
SNB Capital	118,900.00	117,471.00	(1.2) %
UBS Saudi Arabia	114,725.00	117,471.00	2.4 %
Goldman Sachs	123,783.00	117,471.00	(5.1) %
SMBC Nikko Securities	145,239.00	117,471.00	(19.1) %

Financial Ratios

	Current
Market Cap (M Riyal)	7,247,900.00
Enterprise Value (EV) (M)	7,332,325.00
Shares Outstanding ((M))	242,000.00
EPS ( Riyal) (TTM)	1.81
Book Value (BV) ( Riyal)	6.30
Par Value	-
Adjusted P/E (Last12)	16.43
P/E (TTM)	16.52
Price/book	4.76
Return on Average Assets (%) (TTM)	17.7
Return on Average Equity (%) (TTM)	29.1

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Aramco’s Q1 profit down 17% to SAR 117.5 bln

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Share Price

Saudi Arabian Oil Co. (SAUDI ARAMCO)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Aramco’s Q1 profit down 17% to SAR 117.5 bln

View other reports

Share Price

Saudi Arabian Oil Co. (SAUDI ARAMCO)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)