Petro Rabigh net profit fell 13% in Q1 2019

01/05/2019 Argaam Exclusive

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Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit after zakat and tax of SAR 257 million for the first quarter of 2019, a 13.2 percent year-on-year (YoY) decrease mainly due to lower refined products margin.

The company turned to profit in Q1 compared to a net loss of SAR 105 million in the previous quarter due to improved refined products margin and higher sales volume on refined and petrochemical products.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2018	Q1 2019	Change‬
Revenues	9,856.35	8,428.02	(14.5 %)
Gross Income	772.06	817.68	5.9 %
Operating Income	377.56	460.79	22.0 %
Net Income	296.15	256.84	(13.3 %)
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.24	0.21	(13.3 %)

Item	Q4 2018	Q1 2019	Change‬
Revenues	8,357.79	8,428.02	0.8 %
Gross Income	271.31	817.68	201.4 %
Operating Income	(91.05)	460.79	606.1 %
Net Income	(105.53)	256.84	343.4 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	(0.08)	0.21	343.4 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
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)
2015	25,513.86	(53.0 %)	295.33	(82.9 %)	(758.51)	(211.3 %)	(0.61)
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
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
Q1 2018	9,856.35	47.1 %	772.06	1085.3 %	296.15	223.6 %	0.24
Q2 2018	10,742.81	21.5 %	664.18	4.6 %	234.50	(25.7 %)	0.19
Q3 2018	12,041.25	31.7 %	607.50	(44.9 %)	243.44	(65.5 %)	0.19
Q4 2018	8,357.79	(12.2 %)	271.31	(69.7 %)	(105.53)	(116.5 %)	(0.08)
2018	40,998.19	19.8 %	2,315.04	(14.1 %)	668.56	(53.0 %)	0.53
Q1 2019	8,428.02	(14.5 %)	817.68	5.9 %	256.84	(13.3 %)	0.21

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	25,513.86	(53.0 %)	295.33	(82.9 %)	(758.51)	(211.3 %)	(0.61)
2016	25,146.13	(1.4 %)	1,107.43	275.0 %	34.78	104.6 %	0.03
2017	34,211.01	36.0 %	2,696.02	143.4 %	1,422.98	3991.1 %	1.14
2018	40,998.19	19.8 %	2,315.04	(14.1 %)	668.56	(53.0 %)	0.53

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2015	4.57 %	7.40 %	1.92 %
Q3 2015	3.29 %	6.76 %	0.15 %
Q4 2015	1.16 %	5.55 %	(2.97 %)
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 %
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 %
Q1 2018	9.11 %	12.46 %	5.24 %
Q2 2018	8.74 %	11.61 %	4.78 %
Q3 2018	6.97 %	9.69 %	3.36 %
Q4 2018	5.65 %	8.20 %	1.63 %
2018	5.65 %	8.20 %	1.63 %
Q1 2019	5.97 %	8.57 %	1.59 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	1.16 %	5.55 %	(2.97 %)
2016	4.40 %	10.11 %	0.14 %
2017	7.88 %	11.97 %	4.16 %
2018	5.65 %	8.20 %	1.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q2 2015	8.71 %	12.42 %	5.94 %
Q3 2015	(3.75 %)	0.91 %	(6.89 %)
Q4 2015	(28.65 %)	(18.25 %)	(37.42 %)
Q1 2016	4.48 %	12.20 %	(0.74 %)
Q2 2016	6.33 %	11.18 %	1.59 %
Q3 2016	0.39 %	6.16 %	(3.30 %)
Q4 2016	6.15 %	11.19 %	2.42 %
Q1 2017	0.97 %	6.44 %	(3.58 %)
Q2 2017	7.18 %	11.30 %	3.57 %
Q3 2017	12.05 %	15.56 %	7.73 %
Q4 2017	9.39 %	13.03 %	6.73 %
Q1 2018	7.83 %	10.08 %	3.00 %
Q2 2018	6.18 %	8.40 %	2.18 %
Q3 2018	5.05 %	7.88 %	2.02 %
Q4 2018	3.25 %	6.16 %	(1.26 %)
Q1 2019	9.70 %	12.15 %	3.05 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2018	1,250.63	1.57	1.57	8.36
Q2 2018	1,250.63	1.50	1.50	8.26
Q3 2018	1,250.63	1.13	1.13	8.51
Q4 2018	1,250.63	0.53	0.53	8.43
Q1 2019	1,250.63	0.50	0.50	8.68

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	1,250.63	(0.61)	(0.61)	6.68
2016	1,250.63	0.03	0.03	6.71
2017	1,250.63	1.14	1.14	8.06
2018	1,250.63	0.53	0.53	8.43

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	NEG	NEG	4.93
Q2 2010	NEG	NEG	3.90
Q3 2010	NEG	NEG	3.64
Q4 2010	More than 50	NEG	3.28
Q1 2011	45.41	More than 50	3.32
Q2 2011	More than 50	NEG	3.80
Q3 2011	More than 50	NEG	3.57
Q4 2011	More than 50	More than 50	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	More than 50	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	More than 50	More than 50	2.56
Q2 2015	30.59	30.59	2.41
Q3 2015	More than 50	More than 50	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 50	More than 50	1.64
Q1 2017	NEG	NEG	1.85
Q2 2017	More than 50	More than 50	1.59
Q3 2017	16.71	16.71	1.75
Q4 2017	13.53	13.53	1.91
Q1 2018	14.84	14.84	2.78
Q2 2018	17.68	17.68	3.21
Q3 2018	19.32	19.32	2.57
Q4 2018	33.42	33.42	2.12
Q1 2019	37.77	37.77	2.19

Period	P/E	Adjusted P/E	Price/book
2009	NEG	NEG	5.31
2010	More than 50	NEG	3.28
2011	More than 50	More than 50	3.37
2012	42.03	42.03	2.40
2013	More than 50	NEG	3.18
2014	31.19	31.19	2.22
2015	NEG	NEG	1.72
2016	More than 50	More than 50	1.64
2017	13.53	13.53	1.91
2018	33.42	33.42	2.12

Business Segments (Million)

Compared With The

Period	Refined products	Petrochemical products
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
Q1 2018	7,525.00	2,331.35
Q2 2018	8,067.19	2,675.62
Q3 2018	9,410.60	2,630.65
Q4 2018	6,444.51	1,913.28
Q1 2019	6,512.69	1,915.32

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
2015	19,500.61	6,013.25
2016	19,423.91	5,722.22
2017	26,237.14	7,973.87
2018	31,447.30	9,550.89

Financial Ratios

	Current
Market Cap (M Riyal)	11,580.03
Enterprise Value (EV) (M)	-
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	1.26
Return on Average Assets (%) (TTM)	(7.97 )
Return on Average Equity (%) (TTM)	(43.39 )

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Petro Rabigh net profit fell 13% in Q1 2019

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Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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) 2019 Q1

Financial Ratios

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Petro Rabigh net profit fell 13% in Q1 2019

View other reports

Share Price

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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 2019

Revenue by Business Segment (Latest) 2019 Q1

Financial Ratios

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Business Segments (Million)