Luberef H1 2023 profit up 22% to SAR 900.5 mln; Q2 at SAR 454.9 mln

30/07/2023 Argaam Exclusive

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Share Price

Saudi Aramco Base Oil Co.
140.60
(0.20) (0.14 %)

Saudi Aramco Base Oil Co. (LUBEREF)

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Saudi Aramco Base Oil Co. (Luberef) reported a 22% rise in H1 2023 net profit to SAR 900.5 million from SAR 740.1 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 6,083.24 4,409.77 (27.5 %)
Gross Income 1,099.76 1,105.25 0.5 %
Operating Income 946.07 948.09 0.2 %
Net Income 740.10 900.52 21.7 %
Average Shares 168.75 168.75 -
EPS (Riyals) 4.39 5.34 21.7 %

The higher profit was spurred by increased base oil crack margins and lower Zakat and income tax expenses as the company is subject to Zakat only. On the other hand, Luberef reported lower base oil sales volumes. 

 

The second-quarter net profit rose 4% to SAR 454.9 million, compared to SAR 437.47 million, thanks to lower Zakat and income tax expenses.

 

The bottom line grew 2.1% from SAR 445.67 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 3,342.50 2,613.03 (21.8 %)
Gross Income 593.34 550.51 (7.2 %)
Operating Income 525.74 480.50 (8.6 %)
Net Income 437.47 454.85 4.0 %
Average Shares 168.75 168.75 -
EPS (Riyals) 2.59 2.70 4.0 %

Total shareholders’ equity, no minority interest, stood at SAR 5.14 billion as of June 30, 2023, compared to SAR 3.87 billion a year earlier. 

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