Saudi Aramco Base Oil Co. (Luberef) reported a 24% decline in net profit to SAR 1.509 billion in 2023, compared to SAR 1.97 billion in the prior year.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 10,613.89 | 9,488.68 | (10.6 %) |
| Gross Income | 2,433.69 | 1,845.91 | (24.2 %) |
| Operating Income | 2,190.09 | 1,555.99 | (29.0 %) |
| Net Income | 1,978.08 | 1,509.61 | (23.7 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 11.72 | 8.95 | (23.7 %) |
Luberef said the profit declined due to lower prices for base oils and secondary products, despite the increase in sales volumes for base oils.
The company also reported a decrease in base oils and secondary products’ cracking margins, despite higher sales volumes.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,808.83 | 2,529.57 | 39.8 % |
| Gross Income | 683.98 | 347.40 | (49.2 %) |
| Operating Income | 660.98 | 275.59 | (58.3 %) |
| Net Income | 763.19 | 268.65 | (64.8 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 4.52 | 1.59 | (64.8 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,549.34 | 2,529.57 | (0.8 %) |
| Gross Income | 393.25 | 347.40 | (11.7 %) |
| Operating Income | 332.30 | 275.59 | (17.1 %) |
| Net Income | 340.43 | 268.65 | (21.1 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 2.02 | 1.59 | (21.1 %) |
The fourth-quarter net profit dropped 65% to SAR 268.7 million from SAR 763.19 million in Q4 2022.
Luberef’s earnings fell 21.1% quarter-on-quarter (QoQ) from SAR 340.43 million in Q3 2023.
Total shareholders’ equity, no minority interest, increased to SAR 4.86 billion as of Dec. 31, 2023, from SAR 5.08 billion in the year-earlier period.
Attached Documents
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}