Luberef’s 9M 2023 profit up 2% at SAR 1.24 bln; Q3 at SAR 340.4 mln

06/11/2023 Argaam Exclusive

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Saudi Aramco Base Oil Co. (Luberef) reported a 2% rise in net profit to SAR 1.24 billion in the first nine months of 2023, compared to SAR 1.21 billion in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	8,805.06	6,959.11	(21.0 %)
Gross Income	1,749.71	1,498.51	(14.4 %)
Operating Income	1,529.11	1,280.39	(16.3 %)
Net Income	1,214.89	1,240.96	2.1 %
Average Shares	168.75	168.75	-
EPS (Riyals)	7.20	7.35	2.1 %

The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	2,721.82	2,549.34	(6.3 %)
Gross Income	649.94	393.25	(39.5 %)
Operating Income	583.04	332.30	(43.0 %)
Net Income	474.79	340.43	(28.3 %)
Average Shares	168.75	168.75	-
EPS (Riyals)	2.81	2.02	(28.3 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	2,613.03	2,549.34	(2.4 %)
Gross Income	550.51	393.25	(28.6 %)
Operating Income	480.50	332.30	(30.8 %)
Net Income	454.85	340.43	(25.2 %)
Average Shares	168.75	168.75	-
EPS (Riyals)	2.70	2.02	(25.2 %)

The third-quarter net profit dropped 28% to SAR 340.4 million from SAR 474.79 million in Q3 2022 on lower base oil crack margins despite higher sales.

Luberef’s bottom line dropped 25.2% quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins.

Total shareholders’ equity, no minority interest, increased to SAR 4.64 billion as of Sept. 30, 2023, from SAR 4.35 billion in the year-earlier period.

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