SARCO swings to profit in H1

03/08/2017 Argaam Exclusive

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Share Price

Saudi Arabia Refineries Co.
81.60
(1.00) (1.21 %)

Saudi Arabia Refineries Co. (SARCO)

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Saudi Arabia Refineries Co. (SARCO) reported a net profit of SAR 2.01 million in the first half of 2017, versus net losses of SAR 920,258 in the same period last year, attributed to dividend payment paid by Saudi Industrial Investment Group for FY16 at SAR 8 million.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Operating Income (1.26) (5.24) (317.3 %)
Net Income (0.92) 2.02 319.1 %
Average Shares 15.00 15.00 -
EPS (Riyals) (0.06) 0.13 319.1 %

The company has widened losses for the second quarter by 414.8 percent YoY at SAR 1.02 million due to lower profit share from affiliates and higher G&A expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Operating Income (0.48) (0.74) (56.0 %)
Net Income (0.20) (1.02) (416.2 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.01) (0.07) (416.2 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 - - - - 98.55 8843.2 % 6.57
Q2 2008 - - - - 8.65 666.9 % 0.58
Q3 2008 - - - - (0.38) (100.4 %) (0.03)
Q4 2008 - - - - 0.84 16640.0 % 0.06
Q1 2009 - - - - 0.08 (99.9 %) 0.01
Q2 2009 - - - - 0.30 (96.5 %) 0.02
Q3 2009 - - - - 0.63 266.8 % 0.04
Q4 2009 - - - - 2.11 152.6 % 0.14
Q1 2010 - - - - 0.75 904.0 % 0.05
Q2 2010 - - - - 8.68 2794.0 % 0.58
Q3 2010 - - - - 0.52 (18.0 %) 0.03
Q4 2010 - - - - 2.32 9.6 % 0.15
Q1 2011 - - - - 0.75 (0.3 %) 0.05
Q2 2011 - - - - 8.19 (5.6 %) 0.55
Q3 2011 - - - - 0.46 (12.2 %) 0.03
Q4 2011 - - - - 1.53 (34.0 %) 0.10
Q1 2012 - - - - 0.64 (15.0 %) 0.04
Q2 2012 - - - - 15.47 88.8 % 1.03
Q3 2012 - - - - 0.57 25.9 % 0.04
Q4 2012 - - - - 0.13 (91.5 %) 0.01
Q1 2013 - - - - 0.73 14.6 % 0.05
Q2 2013 - - - - 14.24 (8.0 %) 0.95
Q3 2013 - - - - 1.27 120.9 % 0.08
Q4 2013 - - - - (0.81) (723.8 %) (0.05)
Q1 2014 - - - - 2.95 303.0 % 0.20
Q2 2014 - - - - 14.35 0.8 % 0.96
Q3 2014 - - - - 7.21 469.2 % 0.48
Q4 2014 - - - - (3.58) (341.2 %) (0.24)
Q1 2015 - - - - (0.67) (122.9 %) (0.04)
Q2 2015 - - - - 16.91 17.8 % 1.13
Q3 2015 - - - - 0.10 (98.7 %) 0.01
Q4 2015 - - - - (3.61) (0.9 %) (0.24)
Q1 2016 - - - - (0.72) (7.1 %) (0.05)
Q2 2016 - - - - (0.20) (101.2 %) (0.01)
Q3 2016 - - - - (1.30) (1458.3 %) (0.09)
Q4 2016 - - - - (1.82) 49.6 % (0.12)
Q1 2017 - - - - 3.04 520.8 % 0.20
Q2 2017 - - - - (1.02) (416.2 %) (0.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 15.00 13.09 13.09 38.09
Q2 2008 15.00 13.59 13.59 40.29
Q3 2008 15.00 7.12 7.12 39.99
Q4 2008 15.00 7.18 7.18 14.11
Q1 2009 15.00 0.61 0.61 16.29
Q2 2009 15.00 0.06 0.06 22.57
Q3 2009 15.00 0.12 0.12 26.80
Q4 2009 15.00 0.21 0.21 25.67
Q1 2010 15.00 0.25 0.25 25.82
Q2 2010 15.00 0.81 0.81 21.38
Q3 2010 15.00 0.80 0.80 22.43
Q4 2010 15.00 0.82 0.82 26.57
Q1 2011 15.00 0.82 0.82 27.48
Q2 2011 15.00 0.79 0.79 27.42
Q3 2011 15.00 0.78 0.78 23.79
Q4 2011 15.00 0.73 0.73 23.43
Q1 2012 15.00 0.72 0.72 29.33
Q2 2012 15.00 1.21 1.21 25.43
Q3 2012 15.00 1.21 1.21 28.05
Q4 2012 15.00 1.12 1.12 27.72
Q1 2013 15.00 1.13 1.13 28.03
Q2 2013 15.00 1.04 1.04 31.35
Q3 2013 15.00 1.09 1.09 31.96
Q4 2013 15.00 1.03 1.03 38.17
Q1 2014 15.00 1.18 1.11 40.50
Q2 2014 15.00 1.18 1.12 42.44
Q3 2014 15.00 1.58 1.58 46.80
Q4 2014 15.00 1.40 1.33 31.83
Q1 2015 15.00 1.15 1.15 29.56
Q2 2015 15.00 1.32 1.32 33.68
Q3 2015 15.00 0.85 0.78 24.46
Q4 2015 15.00 0.85 0.85 19.76
Q1 2016 15.00 0.84 0.84 18.11
Q2 2016 15.00 (0.30) (0.30) 18.85
Q3 2016 15.00 (0.39) (0.39) 18.03
Q4 2016 15.00 (0.27) (0.27) 24.10
Q1 2017 15.00 (0.02) (0.02) 26.06
Q2 2017 15.00 (0.07) (0.07) 25.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 5.23 5.23 1.80
Q2 2008 5.00 5.00 1.69
Q3 2008 8.65 8.65 1.54
Q4 2008 8.08 8.08 4.11
Q1 2009 More than 50 More than 50 2.59
Q2 2009 More than 50 More than 50 2.29
Q3 2009 More than 50 More than 50 1.91
Q4 2009 More than 50 More than 50 1.94
Q1 2010 More than 50 More than 50 1.86
Q2 2010 44.21 44.21 1.68
Q3 2010 43.51 43.51 1.56
Q4 2010 44.01 44.01 1.35
Q1 2011 39.73 39.73 1.18
Q2 2011 More than 50 More than 50 1.71
Q3 2011 More than 50 More than 50 2.03
Q4 2011 More than 50 More than 50 3.38
Q1 2012 More than 50 More than 50 2.55
Q2 2012 44.56 44.56 2.11
Q3 2012 More than 50 More than 50 2.43
Q4 2012 More than 50 More than 50 2.18
Q1 2013 More than 50 More than 50 2.21
Q2 2013 More than 50 More than 50 1.89
Q3 2013 More than 50 More than 50 1.87
Q4 2013 More than 50 More than 50 1.54
Q1 2014 More than 50 More than 50 1.68
Q2 2014 More than 50 More than 50 1.75
Q3 2014 More than 50 More than 50 1.81
Q4 2014 35.42 37.20 1.55
Q1 2015 49.59 49.59 1.94
Q2 2015 44.18 44.18 1.74
Q3 2015 48.14 More than 50 1.67
Q4 2015 48.69 48.69 2.09
Q1 2016 39.60 39.60 1.85
Q2 2016 NEG NEG 1.85
Q3 2016 NEG NEG 1.43
Q4 2016 NEG NEG 1.67
Q1 2017 NEG NEG 1.30
Q2 2017 NEG NEG 1.27


Financial Ratios
Current
Market Cap (M Riyal) 1,224.00
Enterprise Value (EV) (M) 1,180.35
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) 0.50
Book Value (BV) ( Riyal) 29.85
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 50
P/E (TTM) More than 50
Price/book 2.73
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 1.6
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