Luberef H1 2023 profit up 22% to SAR 900.5 mln; Q2 at SAR 454.9 mln

30/07/2023 Argaam Exclusive

View other reports

Saudi Aramco Base Oil Co. (Luberef) reported a 22% rise in H1 2023 net profit to SAR 900.5 million from SAR 740.1 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	6,083.24	4,409.77	(27.5 %)
Gross Income	1,099.76	1,105.26	0.5 %
Operating Income	946.07	948.09	0.2 %
Net Income	740.10	900.52	21.7 %
Average Shares	168.75	168.75	-
EPS (Riyals)	4.39	5.34	21.7 %

The higher profit was spurred by increased base oil crack margins and lower Zakat and income tax expenses as the company is subject to Zakat only. On the other hand, Luberef reported lower base oil sales volumes.

The second-quarter net profit rose 4% to SAR 454.9 million, compared to SAR 437.47 million, thanks to lower Zakat and income tax expenses.

The bottom line grew 2.1% from SAR 445.67 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	3,342.50	2,613.03	(21.8 %)
Gross Income	593.34	550.51	(7.2 %)
Operating Income	525.74	480.50	(8.6 %)
Net Income	437.47	454.85	4.0 %
Average Shares	168.75	168.75	-
EPS (Riyals)	2.59	2.70	4.0 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	1,796.74	2,613.03	45.4 %
Gross Income	554.74	550.51	(0.8 %)
Operating Income	467.59	480.50	2.8 %
Net Income	445.67	454.85	2.1 %
Average Shares	168.75	168.75	-
EPS (Riyals)	2.64	2.70	2.1 %

Total shareholders’ equity, no minority interest, stood at SAR 5.14 billion as of June 30, 2023, compared to SAR 3.87 billion a year earlier.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×