SARCO's 2014 net profit up 33% to SAR 20.9mln

24/02/2015 Argaam Exclusive

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Share Price

Saudi Arabia Refineries Co.
81.60
(1.00) (1.21 %)

Saudi Arabia Refineries Co. (SARCO)

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Saudi Arabia Refineries Company "SARCO", that invests in various companies, reported 2014’s net profit of SAR 20.9

million, a 69 percent increase compared to the last year.

A net loss of SAR 3.58 million was reported for Q4-2014 compared to SAR 7.2 million for Q3.



Financials (M)

Item 2013 2014 Change‬
Operating Income (3.02) (2.67) 11.6 %
Net Income 15.56 20.93 34.5 %
Average Shares 15.00 15.00 -
EPS (Riyals) 1.04 1.40 34.5 %

 

The company attributed the increase of 2014’s net profit, compared to the last year, to the increase of the company’s revenue from investment income investee companies and revenues from the profit of associated companies during the period.

 

Reporting a net profit for Q4-2014 compared to the same period last year was attributed to higher share of the profit of the company’s share in the profit of affiliated company Arab Tanks terminals during this quarter.

 

The decline of Q4-2014’s net profit compared to the previous period (Q3-2014) was attributed to the decrease of the company’s revenue from the investee companies and the decrease of revenue from affiliated companies,

(reversing an amount of SAR 2,312,640) previously recorded in accruals and other payables during the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Operating Income (1.27) (0.72) 43.3 %
Net Income (0.81) (3.58) (341.2 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.05) (0.24) (341.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 - - - - 0.92 (66.4 %) 0.06
Q2 2005 - - - - 0.52 (56.0 %) 0.03
Q3 2005 - - - - 1.09 40.3 % 0.07
Q4 2005 - - - - 1.03 (65.5 %) 0.07
Q1 2006 - - - - 1.03 11.0 % 0.07
Q2 2006 - - - - 1.12 115.4 % 0.07
Q3 2006 - - - - 0.86 (21.8 %) 0.06
Q4 2006 - - - - 7.74 650.7 % 0.52
Q1 2007 - - - - 1.10 7.4 % 0.07
Q2 2007 - - - - 1.13 1.1 % 0.08
Q3 2007 - - - - 96.59 11196.8 % 6.44
Q4 2007 - - - - 0.01 (99.9 %) 0.00
Q1 2008 - - - - 98.55 8843.2 % 6.57
Q2 2008 - - - - 8.65 666.9 % 0.58
Q3 2008 - - - - (0.38) (100.4 %) (0.03)
Q4 2008 - - - - 0.84 16640.0 % 0.06
Q1 2009 - - - - 0.08 (99.9 %) 0.01
Q2 2009 - - - - 0.30 (96.5 %) 0.02
Q3 2009 - - - - 0.63 266.8 % 0.04
Q4 2009 - - - - 2.11 152.6 % 0.14
Q1 2010 - - - - 0.75 904.0 % 0.05
Q2 2010 - - - - 8.68 2794.0 % 0.58
Q3 2010 - - - - 0.52 (18.0 %) 0.03
Q4 2010 - - - - 2.32 9.6 % 0.15
Q1 2011 - - - - 0.75 (0.3 %) 0.05
Q2 2011 - - - - 8.19 (5.6 %) 0.55
Q3 2011 - - - - 0.46 (12.2 %) 0.03
Q4 2011 - - - - 1.53 (34.0 %) 0.10
Q1 2012 - - - - 0.64 (15.0 %) 0.04
Q2 2012 - - - - 15.47 88.8 % 1.03
Q3 2012 - - - - 0.57 25.9 % 0.04
Q4 2012 - - - - 0.13 (91.5 %) 0.01
Q1 2013 - - - - 0.73 14.6 % 0.05
Q2 2013 - - - - 14.24 (8.0 %) 0.95
Q3 2013 - - - - 1.27 120.9 % 0.08
Q4 2013 - - - - (0.81) (723.8 %) (0.05)
Q1 2014 - - - - 2.95 303.0 % 0.20
Q2 2014 - - - - 14.35 0.8 % 0.96
Q3 2014 - - - - 7.21 469.2 % 0.48
Q4 2014 - - - - (3.58) (341.2 %) (0.24)
2014 - - - - 20.93 34.5 % 1.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
2014 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 15.00 0.39 0.39 50.68
Q2 2005 15.00 0.35 0.35 60.81
Q3 2005 15.00 0.37 0.37 68.71
Q4 2005 15.00 0.24 0.24 32.22
Q1 2006 15.00 0.24 0.24 30.00
Q2 2006 15.00 0.28 0.28 27.31
Q3 2006 15.00 0.27 0.27 18.76
Q4 2006 15.00 0.72 0.72 22.03
Q1 2007 15.00 0.72 0.72 22.84
Q2 2007 15.00 0.72 0.72 27.42
Q3 2007 15.00 7.10 7.10 38.16
Q4 2007 15.00 6.59 6.59 39.79
Q1 2008 15.00 13.09 13.09 38.09
Q2 2008 15.00 13.59 13.59 40.29
Q3 2008 15.00 7.12 7.12 39.99
Q4 2008 15.00 7.18 7.18 14.11
Q1 2009 15.00 0.61 0.61 16.29
Q2 2009 15.00 0.06 0.06 22.57
Q3 2009 15.00 0.12 0.12 26.80
Q4 2009 15.00 0.21 0.21 25.67
Q1 2010 15.00 0.25 0.25 25.82
Q2 2010 15.00 0.81 0.81 21.38
Q3 2010 15.00 0.80 0.80 22.43
Q4 2010 15.00 0.82 0.82 26.57
Q1 2011 15.00 0.82 0.82 27.48
Q2 2011 15.00 0.79 0.79 27.42
Q3 2011 15.00 0.78 0.78 23.79
Q4 2011 15.00 0.73 0.73 23.43
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 More than 50 More than 50 1.47
Q2 2005 More than 50 More than 50 1.38
Q3 2005 More than 50 More than 50 1.22
Q4 2005 More than 50 More than 50 5.59
Q1 2006 More than 50 More than 50 5.86
Q2 2006 More than 50 More than 50 8.22
Q3 2006 More than 50 More than 50 11.47
Q4 2006 More than 50 More than 50 3.34
Q1 2007 More than 50 More than 50 4.33
Q2 2007 More than 50 More than 50 2.64
Q3 2007 11.49 11.49 2.14
Q4 2007 14.42 14.42 2.39
Q1 2008 5.23 5.23 1.80
Q2 2008 5.00 5.00 1.69
Q3 2008 8.65 8.65 1.54
Q4 2008 8.08 8.08 4.11
Q1 2009 More than 50 More than 50 2.59
Q2 2009 More than 50 More than 50 2.29
Q3 2009 More than 50 More than 50 1.91
Q4 2009 More than 50 More than 50 1.94
Q1 2010 More than 50 More than 50 1.86
Q2 2010 44.21 44.21 1.68
Q3 2010 43.51 43.51 1.56
Q4 2010 44.01 44.01 1.35
Q1 2011 39.73 39.73 1.18
Q2 2011 More than 50 More than 50 1.71
Q3 2011 More than 50 More than 50 2.03
Q4 2011 More than 50 More than 50 3.38
Q1 2012 More than 50 More than 50 2.55
Q2 2012 44.56 44.56 2.11
Q3 2012 More than 50 More than 50 2.43
Q4 2012 More than 50 More than 50 2.18
Q1 2013 More than 50 More than 50 2.21
Q2 2013 More than 50 More than 50 1.89
Q3 2013 More than 50 More than 50 1.87
Q4 2013 More than 50 More than 50 1.54
Q1 2014 More than 50 More than 50 1.68
Q2 2014 More than 50 More than 50 1.75
Q3 2014 More than 50 More than 50 1.81
Q4 2014 35.42 37.20 1.55


Financial Ratios
Current
Market Cap (M Riyal) 1,224.00
Enterprise Value (EV) (M) 1,180.35
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) 0.50
Book Value (BV) ( Riyal) 29.85
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 2.73
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 1.6
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