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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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MEOG: Aramco's results and Iraq's budget

03/23/2021 | 11:31am EDT

Finance took centre stage in the Middle East this week as Saudi Aramco announced its 2020 results and Iraq’s parliament postponed a vote on the country’s budget by a week.

Aramco’s results made for fascinating reading, with the company posting massive profits despite a $39bn reduction in net income on the back of the coronavirus (COVID-19) pandemic. Impressively, having fulfilled its $75bn dividend obligation it ended the year with more cash in the bank than it started with.

Its performance was dented by a 700,000 bpd drop in crude oil production, while realised oil prices were also significantly lower compared to a year earlier. Aramco also postponed or cancelled work on several high-profile projects designed to maintain and expand production capabilities. Bidding for these will once again come into view as the company moves to increase maximum sustainable capacity by 1mn bpd by 2025 following direction from the Ministry of Energy.

In Iraq, a final vote on the 2021 draft budget agreed in December was postponed as factions could not come to an understanding on the language to be used in the article pertaining to the share of the budget to be allocated to the Kurdistan Region. Previous budgets have put this at 12.67%, though this has been contingent on the regional government transferring 250,000 bpd of crude to Baghdad’s state oil marketer SOMO, and Sunni and Shia groups are believed to be lobbying for the inclusion of non-oil revenues as a prerequisite for the allocation of funds.

©2021 bne IntelliNews , source Magazine

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Analyst Recommendations on SAUDI ARABIAN OIL COMPANY
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Financials
Sales 2021 1 352 B 360 B 360 B
Net income 2021 367 B 97 905 M 97 905 M
Net Debt 2021 245 B 65 224 M 65 224 M
P/E ratio 2021 19,0x
Yield 2021 4,04%
Capitalization 6 986 B 1 862 B 1 863 B
EV / Sales 2021 5,35x
EV / Sales 2022 4,91x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
Duration : Period :
Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Last Close Price 34,95 SAR
Average target price 35,21 SAR
Spread / Average Target 0,75%
EPS Revisions
Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-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
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