Petro Rabigh turns profitable in FY16

18/01/2017 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported net profit of SAR 37 million for fiscal year 2016, versus net losses of SAR 759 million in the year-ago period, on higher production and sales volumes. In addition, feedstock price increase positively impacted inventory valuation. Narrower margin for refined products and petrochemicals party offset the gains.



Financials (M)

Item 2015 2016 Change‬
Revenues 25,513.86 25,146.13 (1.4 %)
Gross Income 295.33 1,107.43 275.0 %
Operating Income (760.10) 122.57 116.1 %
Net Income (758.51) 34.78 104.6 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) (0.61) 0.03 104.6 %

The petrochemicals producer reported a net profit of SAR 183 million for Q4-2016 versus net loss of SAR 1 billion in the same period last year, on the back of relatively stable operations, and higher feedstock prices. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 2,695.71 7,487.51 177.8 %
Gross Income (772.34) 460.12 159.6 %
Operating Income (1015.87) 217.56 121.4 %
Net Income (1008.73) 180.98 117.9 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) (0.81) 0.14 117.9 %


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)
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)
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)
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
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
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
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
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)
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)
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

Profitability

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 %) (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 %)
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 %)
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 %
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 %
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 %)
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 %
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 %)
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 %


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
Q3 2016 1,250.63 (0.92) (0.92) 6.48
Q4 2016 1,250.63 0.03 0.03 6.71

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 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
Q2 2015 30.59 30.59 2.41
Q3 2015 More than 100 More than 100 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 100 More than 100 1.64

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
Q3 2016 5,036.36 1,339.26
Q4 2016 5,827.73 1,659.77

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average (545.00) 180.98 133.21 %

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
Riyad Capital (545.00) 180.98 133.2 %


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 )
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Share Price

Rabigh Refining and Petrochemical Co.
6.78
(0.03) (0.44 %)

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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