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SAUDI ARABIAN OIL COMPANY

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Saudi Aramco 1Q Profit Rose on Higher Crude Prices, Improved Downstream -- Update

05/04/2021 | 03:57am EDT

-First-quarter profit increased on the back of stronger oil prices and higher downstream margins

-The Saudi oil giant maintained its quarterly dividend in line with annual pledge

-CEO says some headwinds remain, but there is reason to be optimistic looking ahead

By Giulia Petroni

Saudi Aramco on Tuesday reported a 30% jump in first-quarter profit as the global energy market bounced back on higher oil prices and an improved economic environment.

Saudi Arabian Oil Co., as the company is formally known, said net profit came in at $21.72 billion from $16.66 billion a year earlier, driven by a stronger oil market as well as higher refining and chemicals margins.

The increase reflects a substantially improved climate after the turmoil brought by the coronavirus pandemic in the same period last year, when the oil giant's profit fell sharply on a historic oil-price rout.

"Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming," Chief Executive Amin H. Nasser said. "And while some headwinds still remain, we are well positioned to meet the world's growing energy needs as economies start to recover."

Total hydrocarbon production in the quarter averaged 11.5 million barrels of oil equivalent a day, including 8.6 million barrels a day of crude oil.

Quarterly revenue was up 20.6% on year to $72.55 billion from $60.15 billion in the year-earlier period.

Saudi Aramco's free cash flow came in at $18.28 billion in the quarter from $15.02 billion the previous year, while the gearing ratio--a measure of the degree to which operations are financed by debt--stood at 23% as of March 31.

Quarterly capital expenditure was $8.2 billion in the quarter. The company said it expects capex to be around $35 billion in the full year, down from the original guidance of $40 billion to $45 billion.

The company declared a dividend of $18.76 billion for the first quarter, in line with its pledge to pay annual dividends of $75 billion.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

05-04-21 0557ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -1.41% 33789.92 Delayed Quote.13.51%
LONDON BRENT OIL 1.22% 69.6 Delayed Quote.31.95%
S&P GSCI CRUDE OIL INDEX 1.12% 363.8385 Delayed Quote.32.77%
SAUDI ARABIAN OIL COMPANY 0.28% 35.8 End-of-day quote.2.29%
WTI 1.25% 66.35 Delayed Quote.34.81%
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Financials
Sales 2021 1 291 B 344 B 344 B
Net income 2021 350 B 93 372 M 93 372 M
Net Debt 2021 265 B 70 628 M 70 628 M
P/E ratio 2021 20,1x
Yield 2021 3,94%
Capitalization 7 156 B 1 908 B 1 908 B
EV / Sales 2021 5,75x
EV / Sales 2022 5,43x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 34,03 SAR
Last Close Price 35,80 SAR
Spread / Highest target 8,94%
Spread / Average Target -4,94%
Spread / Lowest Target -33,0%
EPS Revisions
Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Senior VP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
Sector and Competitors
1st jan.Capitalization (M$)
SAUDI ARABIAN OIL COMPANY2.29%1 908 113
ROYAL DUTCH SHELL PLC9.81%148 335
PETROCHINA COMPANY LIMITED30.42%123 348
TOTAL SE8.84%122 940
GAZPROM13.79%77 268
EQUINOR ASA22.29%69 721