Saudi Aramco profit leaps 69% to SAR 471.88 bln in 9M 2022; Q3 at SAR 156.07 bln

01/11/2022 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) posted a 69% rise in net profit after Zakat and tax, after minority interest, to SAR 471.88 billion in the first nine months of 2022, compared to SAR 278.56 billion a year earlier, backed by stronger crude oil prices and volumes sold, as well as higher refining margins.  



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 1,055,489.00 1,779,205.00 68.6 %
Gross Income 648,845.00 1,034,047.00 59.4 %
Operating Income 543,808.00 902,428.00 65.9 %
Net Income 278,564.00 471,875.00 69.4 %
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Riyals) 1.15 1.94 68.3 %
EPS (Riyals) 1.15 1.95 69.4 %

This was partially offset by an increase in production royalties, mainly from higher average effective royalty rate, driven by stronger crude oil prices, and higher sales volume.

 

In Q3 2022, net profit after Zakat and tax, excluding minority interest, climbed 43% to SAR 156.07 billion, from SAR 109.07 billion, thanks to higher crude oil prices and volumes sold. This was partially offset by increased production royalties largely attributable to higher average effective royalty rate resulting from stronger crude oil prices, and higher sales volume. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 405,382.00 613,935.00 51.4 %
Gross Income 248,234.00 343,282.00 38.3 %
Operating Income 212,806.00 300,234.00 41.1 %
Net Income 109,072.00 156,068.00 43.1 %
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Riyals) 0.45 0.64 43.1 %
EPS (Riyals) 0.45 0.64 43.1 %

Compared to Q2 2022, net profit decreased 14.1% from SAR 181.64 billion.

 

Shareholders’ equity, after minority interest, increased by 30% to SAR 1.389 trillion as of Sept. 30, 2022, from SAR 1.068 trillion a year earlier.

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Share Price

Saudi Arabian Oil Co.
25.20
(0.15) (0.59 %)

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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Financial Ratios
Current
Market Cap (M Riyal) 6,098,400.00
Enterprise Value (EV) (M) 6,318,505.00
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.63
Book Value (BV) ( Riyal) 6.03
Par Value -
Adjusted P/E (Last12) 15.47
P/E (TTM) 15.48
Price/book 4.18
Return on Average Assets (%) (TTM) 16.1
Return on Average Equity (%) (TTM) 26.3
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