Financial Results : Luberef net profit up 47% to SAR 445.7 mln in Q1 2023

Luberef net profit up 47% to SAR 445.7 mln in Q1 2023

04/05/2023 Argaam Exclusive

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Saudi Aramco Base Oil Co.’s (Luberef) net profit rose 47% to SAR 445.7 million in Q1 2023, from SAR 302.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,740.74 1,796.74 (34.4 %)
Gross Income 506.43 554.74 9.5 %
Operating Income 420.32 467.59 11.2 %
Net Income 302.63 445.67 47.3 %
Average Shares 168.75 168.75 -
EPS (Riyals) 1.79 2.64 47.3 %

The positive performance was driven by higher base oil crack margins and lower Zakat and income tax expenses as the company became subjected to Zakat following its listing.

 

This came despite the lower quantities sold.

 

Sequentially, the company’s net profit fell 41.6% from SAR 763.19 million in Q4 2022 on reversal of all deferred tax liabilities in Q4 2022 arising from Saudi Aramco’s shareholding in Luberef, as the latter is no longer subjected to income tax but rather is subjected to Zakat.

 

Meanwhile, base oil crack margins decreased during the current quarter compared to the previous quarter.

 

Total shareholders’ equity, no minority interest, stood at SAR 5.53 billion as of March 31, 2023, compared to SAR 4.54 billion a year earlier. 

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