Saudi Arabian Oil Co. (Saudi Aramco) posted a 24% rise in net profit after minority interest to SAR 78.59 billion for the first quarter, compared to net profit of SAR 63.53 billion in the year-earlier period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 250,345.00 | 300,157.00 | 19.9 % |
| Gross Income | 151,436.00 | 185,432.00 | 22.4 % |
| Operating Income | 129,732.00 | 151,887.00 | 17.1 % |
| Net Income | 63,532.00 | 78,590.00 | 23.7 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.26 | 0.32 | 23.7 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 243,798.00 | 300,157.00 | 23.1 % |
| Gross Income | 147,432.00 | 185,432.00 | 25.8 % |
| Operating Income | 104,490.00 | 151,887.00 | 45.4 % |
| Net Income | 51,746.00 | 78,590.00 | 51.9 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.21 | 0.32 | 51.9 % |
The profit rise was spurred by higher crude oil prices, improved downstream margins and the consolidation of SABIC’s results, partly offset by lower crude oil volumes sold.
When compared to Q4 2020, the first-quarter net profit jumped 55% from SAR 52.46 billion. The increase primarily reflects the impact of higher crude oil prices and improved downstream margins, partly offset by a decrease in crude oil volumes sold.
Shareholders’ equity, after minority interest, declined 5.6% to SAR 1.010 trillion in 2020, from SAR 1.069 trillion a year earlier.
Saudi Aramco reported strong operating cash flows of SAR 99.3 billion in Q1 2021.
The first-quarter free cash flow of SAR 68.5 billion in Q1 2021.
Saudi Aramco’s capital expenditures stood at SAR 30.8 billion for the same period.
Gearing ratio stood at 23% by the end of March 2021.
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