Petro Rabigh H1 net profit drops 90% to SAR 70.5 mln

24/07/2016 Argaam Exclusive

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Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Rabigh Refining and Petrochemical Co. (Petro Rabigh), which operates an integrated refinery and petrochemical complex in Saudi Arabia, reported a net profit of SAR 70.5 million for the first half of 2016, a 90 percent year-on-year (YoY) drop compared to the same period last year.

The decline was attributed to lower prices of petrochemicals, mainly due to a decline in feedstock prices, lower petrochemical sales resulting from company-wide maintenance, and unplanned shutdowns at some of its plants. The impact was partially mitigated by the slight increase of crude oil prices this year.

Financials (M)

Item	6m 2015	6m 2016	Change‬
Revenues	16,143.55	11,283.00	(30.1 %)
Gross Income	1,317.77	622.28	(52.8 %)
Operating Income	719.10	106.42	(85.2 %)
Net Income	710.34	64.36	(90.9 %)
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.57	0.05	(90.9 %)

Net profit for the second quarter fell 79.6 percent year-on-year to SAR 103.2 million on lower prices of petrochemical product and deterioration in refinery margin.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2015	Q2 2016	Change‬
Revenues	8,495.54	6,335.74	(25.4 %)
Gross Income	740.32	400.82	(45.9 %)
Operating Income	493.77	115.95	(76.5 %)
Net Income	504.92	101.00	(80.0 %)
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.40	0.08	(80.0 %)

Item	Q1 2016	Q2 2016	Change‬
Revenues	4,947.26	6,335.74	28.1 %
Gross Income	221.46	400.82	81.0 %
Operating Income	(9.53)	115.95	1316.5 %
Net Income	(36.64)	101.00	375.6 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	(0.03)	0.08	375.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2007	-	-	-	-	(83.51)	-	(0.11)
Q2 2007	-	-	-	-	(71.79)	-	(0.08)
Q3 2007	-	-	-	-	(90.74)	-	(0.10)
Q4 2007	-	-	-	-	(196.53)	-	(0.21)
2007	-	-	-	-	(442.57)	-	(0.47)
Q1 2008	-	-	-	-	(82.11)	1.7 %	(0.07)
Q2 2008	-	-	-	-	(115.45)	(60.8 %)	(0.09)
Q3 2008	-	-	-	-	(155.88)	(71.8 %)	(0.12)
Q4 2008	6,543.34	-	(621.89)	-	(902.80)	(359.4 %)	(0.72)
2008	6,543.34	-	(621.89)	-	(1256.24)	(183.9 %)	(1.00)
Q1 2009	5,629.22	-	107.04	-	(28.69)	65.1 %	(0.02)
Q2 2009	6,147.55	-	(67.37)	-	(235.96)	(104.4 %)	(0.19)
Q3 2009	7,301.02	-	(582.14)	-	(844.67)	(441.9 %)	(0.68)
Q4 2009	10,344.92	58.1 %	87.12	114.0 %	(323.74)	64.1 %	(0.26)
2009	29,422.71	349.7 %	(455.36)	26.8 %	(1433.06)	(14.1 %)	(1.15)
Q1 2010	10,676.41	89.7 %	159.49	49.0 %	271.54	1046.5 %	0.22
Q2 2010	12,000.67	95.2 %	314.81	567.3 %	121.78	151.6 %	0.10
Q3 2010	11,274.84	54.4 %	(23.30)	96.0 %	(237.19)	71.9 %	(0.19)
Q4 2010	12,885.98	24.6 %	277.66	218.7 %	52.56	116.2 %	0.04
2010	46,837.89	59.2 %	728.65	260.0 %	208.69	114.6 %	0.17
Q1 2011	15,053.32	41.0 %	939.15	488.8 %	698.47	157.2 %	0.56
Q2 2011	7,629.24	(36.4 %)	(178.88)	(156.8 %)	(402.32)	(430.4 %)	(0.32)
Q3 2011	14,100.10	25.1 %	(78.14)	(235.4 %)	(280.57)	(18.3 %)	(0.22)
Q4 2011	16,594.17	28.8 %	302.06	8.8 %	50.32	(4.3 %)	0.04
2011	53,376.84	14.0 %	984.19	35.1 %	65.89	(68.4 %)	0.05
Q1 2012	15,998.12	6.3 %	381.45	(59.4 %)	115.85	(83.4 %)	0.09
Q2 2012	14,844.32	94.6 %	173.23	196.8 %	(104.36)	74.1 %	(0.08)
Q3 2012	15,503.01	9.9 %	644.33	924.6 %	409.31	245.9 %	0.33
Q4 2012	15,665.42	(5.6 %)	330.16	9.3 %	68.07	35.3 %	0.05
2012	62,010.88	16.2 %	1,529.17	55.4 %	488.86	641.9 %	0.39
Q1 2013	10,189.36	(36.3 %)	(449.51)	(217.8 %)	(658.06)	(668.1 %)	(0.53)
Q2 2013	14,195.60	(4.4 %)	(6.50)	(103.8 %)	(236.70)	(126.8 %)	(0.19)
Q3 2013	12,539.61	(19.1 %)	201.93	(68.7 %)	14.03	(96.6 %)	0.01
Q4 2013	13,673.13	(12.7 %)	715.18	116.6 %	1,239.91	1721.5 %	0.99
2013	50,597.71	(18.4 %)	461.09	(69.8 %)	359.18	(26.5 %)	0.29
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)
2014	54,236.75	7.2 %	1,725.24	274.2 %	681.43	89.7 %	0.54
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)
2015	25,513.86	(53.0 %)	295.33	(82.9 %)	(758.51)	(211.3 %)	(0.61)
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2006	-	-	-	-	-	-	-
2007	-	-	-	-	(442.57)	-	(0.47)
2008	6,543.34	-	(621.89)	-	(1256.24)	(183.9 %)	(1.00)
2009	29,422.71	349.7 %	(455.36)	26.8 %	(1433.06)	(14.1 %)	(1.15)
2010	46,837.89	59.2 %	728.65	260.0 %	208.69	114.6 %	0.17
2011	53,376.84	14.0 %	984.19	35.1 %	65.89	(68.4 %)	0.05
2012	62,010.88	16.2 %	1,529.17	55.4 %	488.86	641.9 %	0.39
2013	50,597.71	(18.4 %)	461.09	(69.8 %)	359.18	(26.5 %)	0.29
2014	54,236.75	7.2 %	1,725.24	274.2 %	681.43	89.7 %	0.54
2015	25,513.86	(53.0 %)	295.33	(82.9 %)	(758.51)	(211.3 %)	(0.61)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	(9.50 %)	(15.72 %)	(19.20 %)
2008	(9.50 %)	(15.72 %)	(19.20 %)
Q1 2009	(4.23 %)	(6.51 %)	(9.88 %)
Q2 2009	(3.18 %)	(4.06 %)	(7.22 %)
Q3 2009	(4.54 %)	(4.51 %)	(7.85 %)
Q4 2009	(1.55 %)	(0.49 %)	(4.87 %)
2009	(1.55 %)	(0.49 %)	(4.87 %)
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 %)
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 %
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 %
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 %)
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 %
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 %)
2015	1.16 %	5.55 %	(2.97 %)
Q1 2016	(0.27 %)	5.38 %	(4.39 %)
Q2 2016	(1.94 %)	4.26 %	(6.80 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2006	-	-	-
2007	-	-	-
2008	(9.50 %)	(15.72 %)	(19.20 %)
2009	(1.55 %)	(0.49 %)	(4.87 %)
2010	1.56 %	4.07 %	(0.22 %)
2011	1.84 %	4.14 %	0.12 %
2012	2.47 %	4.57 %	0.79 %
2013	0.91 %	3.72 %	(0.77 %)
2014	3.18 %	5.56 %	1.26 %
2015	1.16 %	5.55 %	(2.97 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	(9.50 %)	(9.71 %)	(13.80 %)
Q1 2009	1.90 %	2.22 %	(0.51 %)
Q2 2009	(1.10 %)	(1.24 %)	(3.84 %)
Q3 2009	(7.97 %)	(7.80 %)	(11.57 %)
Q4 2009	0.84 %	3.64 %	(3.13 %)
Q1 2010	1.49 %	4.19 %	2.54 %
Q2 2010	2.62 %	5.55 %	1.01 %
Q3 2010	(0.21 %)	2.65 %	(2.10 %)
Q4 2010	2.15 %	3.84 %	(2.00 %)
Q1 2011	6.24 %	8.08 %	4.64 %
Q2 2011	(2.34 %)	1.56 %	(5.27 %)
Q3 2011	(0.55 %)	1.89 %	(1.99 %)
Q4 2011	1.82 %	3.66 %	0.30 %
Q1 2012	2.38 %	4.34 %	0.72 %
Q2 2012	1.17 %	3.27 %	(0.70 %)
Q3 2012	4.16 %	6.49 %	2.64 %
Q4 2012	2.11 %	4.15 %	0.43 %
Q1 2013	(4.41 %)	(0.81 %)	(6.46 %)
Q2 2013	(0.05 %)	2.36 %	(1.67 %)
Q3 2013	1.61 %	4.57 %	0.11 %
Q4 2013	5.23 %	7.74 %	3.58 %
Q1 2014	4.72 %	6.85 %	2.90 %
Q2 2014	3.18 %	5.49 %	1.22 %
Q3 2014	3.77 %	5.92 %	1.99 %
Q4 2014	0.44 %	3.50 %	(1.78 %)
Q1 2015	7.55 %	10.34 %	2.69 %
Q2 2015	8.71 %	12.42 %	5.94 %
Q3 2015	(3.75 %)	0.91 %	(6.89 %)
Q4 2015	(28.65 %)	(18.25 %)	(37.42 %)
Q1 2016	4.48 %	12.20 %	(0.74 %)
Q2 2016	6.33 %	11.18 %	1.59 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2007	749.52	-	-	6.66
Q2 2007	937.97	-	-	6.65
Q3 2007	937.97	-	-	6.56
Q4 2007	937.97	(0.47)	(0.47)	6.35
Q1 2008	1,250.63	(0.35)	(0.35)	8.34
Q2 2008	1,250.63	(0.39)	(0.39)	8.25
Q3 2008	1,250.63	(0.44)	(0.44)	8.13
Q4 2008	1,250.63	(1.00)	(1.00)	7.41
Q1 2009	1,250.63	(0.96)	(0.96)	7.38
Q2 2009	1,250.63	(1.06)	(1.06)	7.20
Q3 2009	1,250.63	(1.61)	(1.61)	6.52
Q4 2009	1,250.63	(1.15)	(1.15)	6.26
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2006	-	-	-	-
2007	937.97	(0.47)	(0.47)	6.35
2008	1,250.63	(1.00)	(1.00)	7.41
2009	1,250.63	(1.15)	(1.15)	6.26
2010	1,250.63	0.17	(0.08)	6.40
2011	1,250.63	0.05	0.05	6.47
2012	1,250.63	0.39	0.39	6.85
2013	1,250.63	0.29	(0.31)	7.13
2014	1,250.63	0.54	0.54	7.64
2015	1,250.63	(0.61)	(0.61)	6.68

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	NEG	NEG	5.53
Q2 2008	NEG	NEG	6.66
Q3 2008	NEG	NEG	4.45
Q4 2008	NEG	NEG	1.97
Q1 2009	NEG	NEG	2.61
Q2 2009	NEG	NEG	3.67
Q3 2009	NEG	NEG	5.01
Q4 2009	NEG	NEG	5.31
Q1 2010	NEG	NEG	4.93
Q2 2010	NEG	NEG	3.90
Q3 2010	NEG	NEG	3.64
Q4 2010	More than 50	NEG	3.28
Q1 2011	45.41	More than 50	3.32
Q2 2011	More than 50	NEG	3.80
Q3 2011	More than 50	NEG	3.57
Q4 2011	More than 50	More than 50	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	More than 50	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	More than 50	More than 50	2.56
Q2 2015	30.59	30.59	2.41
Q3 2015	More than 50	More than 50	2.01
Q4 2015	NEG	NEG	1.72
Q1 2016	NEG	NEG	1.50
Q2 2016	NEG	NEG	1.62

Period	P/E	Adjusted P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	NEG	NEG	1.97
2009	NEG	NEG	5.31
2010	More than 50	NEG	3.28
2011	More than 50	More than 50	3.37
2012	42.03	42.03	2.40
2013	More than 50	NEG	3.18
2014	31.19	31.19	2.22
2015	NEG	NEG	1.72

Business Segments (Million)

Compared With The

Period	Refined products	Petrochemical products
Q1 2009	5,629.22	-
Q2 2009	6,147.55	-
Q3 2009	6,993.09	307.92
Q4 2009	9,127.26	1,217.67
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

Period	Refined products	Petrochemical products
2009	27,897.12	1,525.59
2010	39,057.80	7,780.09
2011	45,265.31	8,111.52
2012	52,541.91	9,468.97
2013	42,865.96	7,731.75
2014	44,096.36	10,140.39
2015	19,500.61	6,013.25

Analysts Estimates (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change‬
Average	17.00	101.00	494.09 %

Estimates vs Actual (Million)

Item	Q2 2016 (e)	Q2 2016 (a)	Change
Riyad Capital	17.00	101.00	494.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	11,713.71
Enterprise Value (EV) (M)	39,033.58
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	1.28
Return on Average Assets (%) (TTM)	(7.86 )
Return on Average Equity (%) (TTM)	(43.39 )

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Petro Rabigh H1 net profit drops 90% to SAR 70.5 mln

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Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Financials (M)

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) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

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Petro Rabigh H1 net profit drops 90% to SAR 70.5 mln

View other reports

Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Financials (M)

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) Q2 2016

Revenue by Business Segment (Latest) 2016 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)