Financial Results : Luberef’s 2023 profit dips 24% at SAR 1.5B; Q4 at SAR 268.7M

Luberef’s 2023 profit dips 24% at SAR 1.5B; Q4 at SAR 268.7M

28/02/2024 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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

 

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