Luberef 2022 profit up 32% to SAR 1.97 bln; Q4 at SAR 763.2 mln

19/02/2023 Argaam Exclusive

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Saudi Aramco Base Oil Co. (Luberef) posted a 32% leap in net profit after Zakat and tax to SAR 1.97 billion for 2022, compared to SAR 1.50 billion in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	8,846.73	10,613.89	20.0 %
Gross Income	2,041.78	2,433.69	19.2 %
Operating Income	1,748.26	2,190.09	25.3 %
Net Income	1,502.52	1,978.08	31.7 %
Average Shares	168.75	168.75	-
EPS (Riyals)	8.90	11.72	31.7 %

The strong earnings were backed by an increase in base oil and by-products crack margins, in addition to better sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	2,415.94	1,808.83	(25.1 %)
Gross Income	337.74	683.98	102.5 %
Operating Income	250.48	660.98	163.9 %
Net Income	220.81	763.19	245.6 %
Average Shares	168.75	168.75	-
EPS (Riyals)	1.31	4.52	245.6 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	2,721.82	1,808.83	(33.5 %)
Gross Income	649.94	683.98	5.2 %
Operating Income	583.04	660.98	13.4 %
Net Income	474.79	763.19	60.7 %
Average Shares	168.75	168.75	-
EPS (Riyals)	2.81	4.52	60.7 %

The fourth-quarter net profit more than tripled to SAR 763.19 million, from SAR 220.81 million in Q4 2021.

Compared to the previous quarter, net profit climbed 60.7% from SAR 474.79 million.

Shareholders’ equity, no minority interest, grew to SAR 5.08 billion as of Dec. 31, 2022, from SAR 4.24 billion a year earlier.

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