Financials Aramco

Equities

2222

SA14TG012N13

Integrated Oil & Gas

Market Closed - Saudi Arabian S.E. Other stock markets 08:20:01 2024-09-19 EDT			5-day change	1st Jan Change
27.40 ^SAR	+1.11%		+1.11%	-16.97%

09-18	Saipem Shares Climb on $2 Billion Contract From Saudi Aramco	DJ
09-18	Saipem Bags $2 Billion Saudi Aramco Contract for Offshore Development in Saudi Arabia	MT

Projected Income Statement: Aramco

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,236,785	862,091	1,501,758	2,266,373	1,856,373	1,777,530	1,686,221	1,680,437
Change	-	-30.3%	74.2%	50.91%	-18.09%	-4.25%	-5.14%	-0.34%
EBITDA ¹	725,137	459,568	857,439	1,235,695	965,330	929,260	930,584	955,187
Change	-	-36.62%	86.58%	44.11%	-21.88%	-3.74%	0.14%	2.64%
EBIT ¹	674,871	383,360	771,918	1,144,077	868,290	831,544	830,977	853,098
Change	-	-43.2%	101.36%	48.21%	-24.11%	-4.23%	-0.07%	2.66%
Interest Paid ¹	-6,026	-10,564	-12,058	-8,882	-8,186	-13,000	-13,000	-6,000
Earnings before Tax (EBT) ¹	666,741	372,424	769,521	1,152,962	888,067	868,822	872,909	901,423
Change	-	-44.14%	106.62%	49.83%	-22.98%	-2.17%	0.47%	3.27%
Net income ¹	330,816	184,926	395,203	597,215	452,753	436,348	441,360	454,991
Change	-	-44.1%	113.71%	51.12%	-24.19%	-3.62%	1.15%	3.09%
Announcement Date	3/16/20	3/22/21	3/21/22	3/13/23	3/10/24	-	-	-

¹SAR in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	320,233	250,345	139,354	228,594	243,798	300,157	349,950	405,382	446,269	516,897	648,373	613,935	487,168	459,833	448,318	488,935	459,287	437,847	470,610	440,779	436,214	399,341	396,258	455,138	456,903	453,183	455,710
Change	-	-21.82%	-44.34%	64.04%	6.65%	23.12%	16.59%	15.84%	10.09%	15.83%	25.44%	-5.31%	-20.65%	-5.61%	-2.5%	9.06%	-6.06%	-4.67%	7.48%	-6.34%	-1.04%	-8.45%	-0.77%	14.86%	0.39%	-0.81%	0.56%
EBITDA ¹	174,790	144,719	69,695	116,583	128,571	172,151	200,015	234,935	250,338	298,653	345,942	322,728	268,372	244,159	235,245	258,801	227,125	225,475	231,599	229,954	218,675	219,386	219,411	235,284	234,740	230,924	236,731
Change	-	-17.2%	-51.84%	67.28%	10.28%	33.9%	16.19%	17.46%	6.56%	19.3%	15.83%	-6.71%	-16.84%	-9.02%	-3.65%	10.01%	-12.24%	-0.73%	2.72%	-0.71%	-4.9%	0.32%	0.01%	7.23%	-0.23%	-1.63%	2.51%
EBIT ¹	161,798	129,732	53,092	96,046	104,490	151,887	179,115	212,806	228,110	277,705	324,489	300,234	241,649	222,184	212,553	234,446	199,107	202,050	206,450	204,519	199,910	194,340	193,407	207,856	206,144	203,376	207,421
Change	-	-19.82%	-59.08%	80.9%	8.79%	45.36%	17.93%	18.81%	7.19%	21.74%	16.85%	-7.47%	-19.51%	-8.06%	-4.33%	10.3%	-15.07%	1.48%	2.18%	-0.94%	-2.25%	-2.79%	-0.48%	7.47%	-0.82%	-1.34%	1.99%
Charge d'intérêts	-	-	-	-3,407	-3,658	-2,623	-3,462	-2,917	-	-	-	-	-	-	-2,156	-	-905	-3,025	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	49,828	92,751	102,110	151,380	178,676	212,158	227,307	277,817	329,794	-	243,072	229,234	217,431	238,373	203,029	205,014	-	211,626	219,214	-	-	-	-	-	-
Change	-	-	-	86.14%	10.09%	48.25%	18.03%	18.74%	7.14%	22.22%	18.71%	-100%	-	-5.69%	-5.15%	9.63%	-14.83%	0.98%	-100%	-	3.59%	-100%	-	-	-	-	-
Net income ¹	75,011	63,532	25,370	44,278	51,746	78,590	90,902	109,072	116,639	142,012	173,795	156,068	125,340	117,471	108,881	123,534	102,867	103,356	106,158	106,956	105,374	100,755	103,950	105,994	104,728	102,773	105,908
Change	-	-15.3%	-60.07%	74.53%	16.87%	51.88%	15.67%	19.99%	6.94%	21.75%	22.38%	-10.2%	-19.69%	-6.28%	-7.31%	13.46%	-16.73%	0.48%	2.71%	0.75%	-1.48%	-4.38%	3.17%	1.97%	-1.19%	-1.87%	3.05%
Announcement Date	3/16/20	5/12/20	8/10/20	11/3/20	3/22/21	5/4/21	8/9/21	11/1/21	3/21/22	5/16/22	8/15/22	11/1/22	3/13/23	5/9/23	8/7/23	11/7/23	3/10/24	5/7/24	8/6/24	-	-	-	-	-	-	-	-

¹SAR in Million

Estimates

Forecast Balance Sheet: Aramco

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-47,631	322,044	184,269	-114,118	-93,169	74,301	63,000	39,297
Change	-	576.12%	-42.78%	-161.93%	-181.64%	-20.25%	-15.21%	-37.62%
Announcement Date	3/16/20	3/22/21	3/21/22	3/13/23	3/10/24	-	-	-

¹SAR in Million

Estimates

Cash Flow Forecast: Aramco

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	122,995	101,030	119,645	141,161	158,308	191,325	199,634	190,849
Change	-	-17.86%	18.43%	17.98%	12.15%	20.86%	4.34%	-4.4%
Free Cash Flow (FCF) ¹	293,910	184,267	402,956	556,991	379,506	351,750	344,072	365,454
Change	-	-37.3%	118.68%	38.23%	-31.86%	-7.31%	-2.18%	6.21%
Announcement Date	3/16/20	3/22/21	3/21/22	3/13/23	3/10/24	-	-	-

¹SAR in Million

Estimates

Forecast Financial Ratios: Aramco

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	58.63%	53.31%	57.1%	54.52%	52%	52.28%	55.19%	56.84%
EBIT Margin (%)	54.57%	44.47%	51.4%	50.48%	46.77%	46.78%	49.28%	50.77%
EBT Margin (%)	53.91%	43.2%	51.24%	50.87%	47.84%	48.88%	51.77%	53.64%
Net margin (%)	26.75%	21.45%	26.32%	26.35%	24.39%	24.55%	26.17%	27.08%
FCF margin (%)	23.76%	21.37%	26.83%	24.58%	20.44%	19.79%	20.4%	21.75%
FCF / Net Income (%)	88.84%	99.64%	101.96%	93.26%	83.82%	80.61%	77.96%	80.32%
Profitability
ROA	23.29%	10.85%	19.39%	25.66%	18.22%	17.67%	17.78%	17.91%
ROE	32.25%	18.26%	37.56%	46.62%	30.35%	27.57%	27.04%	26.62%
Financial Health
Leverage (Debt/EBITDA)	-	0.7x	0.21x	-	-	0.08x	0.07x	0.04x
Debt / Free cash flow	-	1.75x	0.46x	-	-	0.21x	0.18x	0.11x
Capital Intensity
CAPEX / Current Assets (%)	9.94%	11.72%	7.97%	6.23%	8.53%	10.76%	11.84%	11.36%
CAPEX / EBITDA (%)	16.96%	21.98%	13.95%	11.42%	16.4%	20.59%	21.45%	19.98%
CAPEX / FCF (%)	41.85%	54.83%	29.69%	25.34%	41.71%	54.39%	58.02%	52.22%
Items per share
Cash flow per share ¹	1.717	1.18	2.16	2.886	2.223	2.054	2.133	2.17
Change	-	-31.3%	83.16%	33.58%	-22.98%	-7.59%	3.84%	1.75%
Dividend per Share ¹	1.281	0.9256	1.157	-	1.695	1.89	1.398	1.482
Change	-	-27.74%	25%	-	-	11.51%	-26.04%	6.03%
Book Value Per Share ¹	4.284	15.36	4.602	5.99	6.343	6.33	6.754	7.141
Change	-	258.69%	-70.05%	30.15%	5.9%	-0.21%	6.7%	5.74%
EPS ¹	1.364	0.7686	1.636	2.473	1.87	1.798	1.84	1.872
Change	-	-43.64%	112.9%	51.11%	-24.38%	-3.85%	2.33%	1.78%
Nbr of stocks (in thousands)	242,000,242	241,858,445	241,858,445	241,893,399	241,907,556	241,948,700	241,948,700	241,948,700
Announcement Date	3/16/20	3/22/21	3/21/22	3/13/23	3/10/24	-	-	-