Petro Rabigh net profit down 50% to SAR 205 mln in Q1-2015

19/04/2015 Argaam Exclusive

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Rabigh Refining and Petrochemical Company, which operates one of the largest integrated refinery and petrochemical facilities in Saudi Arabia, reported a net profit of SAR 205.4 million in first quarter, 50 percent lower compared to the same period in 2014.

The drop was mainly attributed to lower profit margins of petrochemical products, despite relatively stable operations and improved refining margin.

Compared to Q4-2014, first quarter’s increase was mainly attributed to improved refining margin and relatively stable crude oil prices. This helped mitigate the negative impact of high-cost carry-forward inventory being sold at lower prices, and lower profit margins on petrochemical products.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2014	Q1 2015	Change‬
Revenues	14,235.50	7,648.01	(46.3 %)
Gross Income	672.14	577.44	(14.1 %)
Operating Income	416.31	225.34	(45.9 %)
Net Income	413.05	205.43	(50.3 %)
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.33	0.16	(50.3 %)

Item	Q4 2014	Q1 2015	Change‬
Revenues	11,146.41	7,648.01	(31.4 %)
Gross Income	48.49	577.44	1090.7 %
Operating Income	(181.08)	225.34	224.4 %
Net Income	(197.92)	205.43	203.8 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	(0.16)	0.16	203.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	-	-	-	-	-	-	-
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	-	-	-	-	-	-	-
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
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 100	NEG	3.28
Q1 2011	45.41	88.87	3.32
Q2 2011	More than 100	NEG	3.80
Q3 2011	More than 100	NEG	3.57
Q4 2011	More than 100	More than 100	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	79.05	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	52.78	52.78	2.56

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	NEG	NEG	1.97
2009	NEG	NEG	5.31
2010	More than 100	NEG	3.28
2011	More than 100	More than 100	3.37
2012	42.03	42.03	2.40
2013	79.05	NEG	3.18
2014	31.19	31.19	2.22

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

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

Analysts Estimates (Million)

Item	Q1 2015 (e)	Q1 2015 (a)	Change‬
Average	(113.00)	205.43	281.79 %

Estimates vs Actual (Million)

Item	Q1 2015 (e)	Q1 2015 (a)	Change
Riyad Capital	(113.00)	205.43	281.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	11,329.38
Enterprise Value (EV) (M)	42,124.41
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	1.23
Return on Average Assets (%) (TTM)	(7.97 )
Return on Average Equity (%) (TTM)	(43.39 )

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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Petro Rabigh net profit down 50% to SAR 205 mln in Q1-2015

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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) 2015 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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Petro Rabigh net profit down 50% to SAR 205 mln in Q1-2015

View other reports

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 2015

Revenue by Business Segment (Latest) 2015 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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Business Segments (Million)