Luberef’s 2024 profit dips 36% to SAR 972M; Q4 at SAR 208.2M

17/02/2025 Argaam Exclusive

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Saudi Aramco Base Oil Co. (Luberef) reported a 36% decline in net profit to SAR 972 million in 2024, compared to SAR 1.5 billion in the prior year.

Financials (M)

Item	2023	2024	Change‬
Revenues	9,488.68	10,035.85	5.8 %
Gross Income	1,858.37	1,335.63	(28.1 %)
Operating Income	1,590.29	1,000.65	(37.1 %)
Net Income	1,509.61	972.03	(35.6 %)
Average Shares	168.75	168.75	-
Earnings Per Share before unusual items (Riyals)	8.74	5.67	(35.2 %)
EPS (Riyals)	8.95	5.76	(35.6 %)

Luberef said the profit declined due to lower base oils and by-products crack margins and a decline in base oils prices.

The company also reported a 33% drop in earnings before interest, taxes, depreciation, and amortization (EBITDA) to SAR 1.27 billion compared to SAR 1.91 million for the previous year.

This came despite the increase in base oil sales volumes and higher by-products prices.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	2,529.57	2,626.79	3.8 %
Gross Income	359.86	338.58	(5.9 %)
Operating Income	280.51	221.59	(21.0 %)
Net Income	268.65	208.21	(22.5 %)
Average Shares	168.75	168.75	-
Earnings Per Share before unusual items (Riyals)	1.52	1.23	(18.7 %)
EPS (Riyals)	1.59	1.23	(22.5 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	2,495.47	2,626.79	5.3 %
Gross Income	296.30	338.58	14.3 %
Operating Income	206.60	221.59	7.3 %
Net Income	225.96	208.21	(7.9 %)
Average Shares	168.75	168.75	-
Earnings Per Share before unusual items (Riyals)	1.28	1.23	(3.5 %)
EPS (Riyals)	1.34	1.23	(7.9 %)

The fourth-quarter net profit dropped 23% to SAR 208.21 million from SAR 268.65 million in Q4 2023.

Luberef’s earnings fell 7.9% quarter-on-quarter (QoQ) from SAR 225.96 million in Q3 2024.

Total shareholders’ equity, no minority interest, fell to SAR 4.39 billion as of Dec. 31, 2024, from SAR 4.86 billion in the year-earlier period.

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