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.
| 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.
| 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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