Petro Rabigh turns to net profit of SAR 649 mln in Q1 2021

27/04/2021 Argaam Exclusive

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Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to a net profit after Zakat and tax of SAR 649 million for the first quarter of 2021, against a net loss of SAR 1.797 billion in prior-year period.

The petrochemicals producer attributed the strong performance to improved product margins in the current quarter, on both refined products and petrochemicals, amid better market conditions.

Additionally, plant operations have been relatively stable for the current quarter, compared to the first quarter of 2020, when Petro Rabigh complex witnessed planned total shutdown for periodic test and inspection for 31 days coupled with lower demand due to the on-going COVID-19 pandemic.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Revenues	4,061.63	10,135.53	149.5 %
Gross Income	(1385.50)	1,286.33	192.8 %
Operating Income	(1714.55)	912.88	153.2 %
Net Income	(1796.83)	649.37	136.1 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	(1.44)	0.52	136.1 %

Item	Q4 2020	Q1 2021	Change‬
Revenues	8,050.46	10,135.53	25.9 %
Gross Income	802.78	1,286.33	60.2 %
Operating Income	315.69	912.88	189.2 %
Net Income	60.61	649.37	971.4 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.05	0.52	971.4 %

When compared to Q4 2020, the company’s net profit after Zakat and tax surged from SAR 61 million.

Shareholders’ equity, excluding minority interest, dropped by 16.8% to SAR 6.859 billion by the end of Q1 2021, compared to SAR 8.245 billion in the year-ago period.

Accumulated losses stood at SAR 2.148 billion, or 24.5% of capital in Q1 2021.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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
2016	25,146.13	(1.4 %)	1,107.43	275.0 %	34.78	104.6 %	0.03
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
2017	34,211.01	36.0 %	2,696.02	143.4 %	1,422.98	3991.1 %	1.14
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)
2018	40,998.19	19.8 %	2,315.04	(14.1 %)	668.56	(53.0 %)	0.53
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)
2019	34,061.98	(16.9 %)	1,717.91	(25.8 %)	(544.15)	(181.4 %)	(0.44)
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
2020	21,870.20	(35.8 %)	(902.61)	(152.5 %)	(3781.13)	(594.9 %)	(3.02)
Q1 2021	10,135.53	149.5 %	1,286.33	192.8 %	649.37	136.1 %	0.52

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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)
2016	25,146.13	(1.4 %)	1,107.43	275.0 %	34.78	104.6 %	0.03
2017	34,211.01	36.0 %	2,696.02	143.4 %	1,422.98	3991.1 %	1.14
2018	40,998.19	19.8 %	2,315.04	(14.1 %)	668.56	(53.0 %)	0.53
2019	34,061.98	(16.9 %)	1,717.91	(25.8 %)	(544.15)	(181.4 %)	(0.44)
2020	21,870.20	(35.8 %)	(902.61)	(152.5 %)	(3781.13)	(594.9 %)	(3.02)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
Q3 2016	(0.61 %)	5.96 %	(5.67 %)
Q4 2016	4.40 %	10.11 %	0.14 %
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 %
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 %
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 %)
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 %)
2020	(4.13 %)	3.21 %	(17.29 %)
Q1 2021	6.33 %	12.28 %	(4.78 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %)
2016	4.40 %	10.11 %	0.14 %
2017	7.88 %	11.97 %	4.16 %
2018	5.65 %	8.20 %	1.63 %
2019	5.04 %	8.05 %	(1.60 %)
2020	(4.13 %)	3.21 %	(17.29 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2016	0.39 %	6.16 %	(3.30 %)
Q4 2016	6.15 %	11.19 %	2.42 %
Q1 2017	0.97 %	6.44 %	(3.58 %)
Q2 2017	7.18 %	11.30 %	3.57 %
Q3 2017	12.05 %	15.56 %	7.73 %
Q4 2017	9.39 %	13.03 %	6.73 %
Q1 2018	7.83 %	10.08 %	3.00 %
Q2 2018	6.18 %	8.40 %	2.18 %
Q3 2018	5.05 %	7.88 %	2.02 %
Q4 2018	3.25 %	6.16 %	(1.26 %)
Q1 2019	9.70 %	12.15 %	3.05 %
Q2 2019	3.22 %	5.63 %	(3.42 %)
Q3 2019	9.96 %	13.22 %	4.51 %
Q4 2019	(3.32 %)	0.69 %	(11.28 %)
Q1 2020	(34.11 %)	(24.25 %)	(44.24 %)
Q2 2020	(16.74 %)	0.46 %	(53.03 %)
Q3 2020	1.89 %	7.49 %	(8.65 %)
Q4 2020	9.97 %	14.25 %	0.75 %
Q1 2021	12.69 %	17.19 %	6.41 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2016	1,250.63	0.03	0.03	6.71
2017	1,250.63	1.14	1.14	8.06
2018	1,250.63	0.53	0.53	8.43
2019	1,250.63	(0.44)	(0.44)	8.03
2020	1,250.63	(3.02)	(3.02)	4.96

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2016	NEG	NEG	1.43
Q4 2016	More than 50	More than 50	1.64
Q1 2017	NEG	NEG	1.85
Q2 2017	More than 50	More than 50	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 50	More than 50	2.29
Q3 2019	More than 50	More than 50	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

Period	P/E	Adjusted P/E	Price/book
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
2016	More than 50	More than 50	1.64
2017	13.53	13.53	1.91
2018	33.42	33.42	2.12
2019	NEG	NEG	2.53
2020	NEG	NEG	2.61

Business Segments (Million)

Compared With The

Period	Refined products	Petrochemical products
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
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

Period	Refined products	Petrochemical products
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
2016	19,423.91	5,722.22
2017	26,237.14	7,973.87
2018	31,447.30	9,550.89
2019	25,876.80	8,185.18
2020	13,213.70	8,656.50

Financial Ratios

	Current
Market Cap (M Riyal)	11,847.39
Enterprise Value (EV) (M)	39,167.26
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	1.29
Return on Average Assets (%) (TTM)	(7.86 )
Return on Average Equity (%) (TTM)	(43.39 )

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Search Result

Petro Rabigh turns to net profit of SAR 649 mln in Q1 2021

View other reports

Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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) 2021 Q1

Financial Ratios

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Petro Rabigh turns to net profit of SAR 649 mln in Q1 2021

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Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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 2021

Revenue by Business Segment (Latest) 2021 Q1

Financial Ratios

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Business Segments (Million)