Luberef profit dips 40% to SAR 537.9M in H1 2024; Q2 at SAR 298.8M

05/08/2024 Argaam Exclusive

Saudi Aramco Base Oil Co.’s (Luberef) net profit fell 40% to SAR 537.9 million in H1 2024 from SAR 900.5 million a year earlier. 



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 4,409.77 4,913.60 11.4 %
Gross Income 1,105.26 700.74 (36.6 %)
Operating Income 948.09 562.33 (40.7 %)
Net Income 900.52 537.86 (40.3 %)
Average Shares 168.75 168.75 -
EPS (Riyals) 5.34 3.19 (40.3 %)

The decline in profit was attributed to lower margins on base oil cracking and by-products. This was partially offset by higher revenues during H1 2024 compared to the same period last year, driven by increased prices and sales volumes of by-products, as well as higher sales volumes of base oils. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2,613.03 2,728.81 4.4 %
Gross Income 550.51 386.91 (29.7 %)
Operating Income 480.50 316.22 (34.2 %)
Net Income 454.85 298.84 (34.3 %)
Average Shares 168.75 168.75 -
EPS (Riyals) 2.70 1.77 (34.3 %)

The company's net profit dropped 34.3% year-on-year (YoY) to SAR 298.84 million from SAR 454.85 million in Q2 2023 due to decreased margins on base oil cracking and by-products, despite increased sales of by-products. This decrease was offset by higher revenues resulting from increased prices and sales volumes of by-products.

 

Luberef's net profit increased by 25% quarter-on-quarter (QoQ) in Q2 2024, driven by increased revenues in the current quarter primarily due to higher prices and sales volumes of base oils and by-products, as well as increased sales volumes and margins on base oil cracking.

 

Total shareholders’ equity, no minority interest, stood at SAR 4.56 billion as of June 30, 2024, compared to SAR 5.14 billion a year earlier.

 

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Share Price

Saudi Aramco Base Oil Co.
109.00
(1.60) (1.45 %)

Saudi Aramco Base Oil Co. (LUBEREF)

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Financial Ratios
Current
Market Cap (M Riyal) 18,393.75
Enterprise Value (EV) (M) 18,023.65
Shares Outstanding ((M)) 168.75
EPS ( Riyal) (TTM) 6.12
Book Value (BV) ( Riyal) 24.54
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.32
P/E (TTM) 17.82
Price/book 4.44
Return on Average Assets (%) (TTM) 11.7
Return on Average Equity (%) (TTM) 23.5
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