Petro Rabigh’s net profit surges in 2017 on higher production

05/02/2018 Argaam Exclusive

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Rabigh Refining and Petrochemical Company (Petro Rabigh) reported a net profit of SAR 1.42 billion for fiscal year 2017, compared to SAR 35 million a year earlier. The surge was attributed to higher production and sales volumes on both, refined products and petrochemicals.

 

In addition, higher sales volumes, improved market prices for petrochemicals and slight improvement in refinery margins also contributed to greater profitability.



Financials (M)

Item 2016 2017 Change‬
Revenues 25,146.13 34,211.01 36.0 %
Gross Income 1,107.43 2,696.02 143.4 %
Operating Income 122.57 1,652.95 1248.6 %
Net Income 34.78 1,422.98 3991.1 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.03 1.14 3991.1 %

The company’s net profit for the fourth quarter more than tripled to SAR 641 million from SAR 181 million a year earlier on higher production, improved yields, higher sales volumes and better pricing of petrochemicals.

 

Q4 net profit dropped 9.2 percent compared to the previous quarter on lower sales volumes due to the planned shutdown of the Vacuum Gas Oil Hydro Treating Unit (VGO), as well as lower refinery margins in the final quarter. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 7,487.51 9,523.67 27.2 %
Gross Income 460.12 894.42 94.4 %
Operating Income 217.56 623.16 186.4 %
Net Income 180.98 640.54 253.9 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.14 0.51 253.9 %


Financial results (Million)

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

Profitability

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


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2017 NEG NEG 1.85
Q2 2017 More than 100 More than 100 1.59
Q3 2017 16.71 16.71 1.75
Q4 2017 13.53 13.53 1.91

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
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

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average (96.00) 640.54 767.23 %

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
Riyad Capital (96.00) 640.54 767.2 %

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 )

Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)


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