Financial Results : Luberef net profit down 46% to SAR 239M in Q1

Luberef net profit down 46% to SAR 239M in Q1

05/05/2024 Argaam Exclusive

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Saudi Aramco Base Oil Co.’s (Luberef) net profit fell 46% to SAR 239 million in Q1 2024, from SAR 445.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,796.74 2,184.79 21.6 %
Gross Income 554.74 313.83 (43.4 %)
Operating Income 467.59 246.12 (47.4 %)
Net Income 445.67 239.01 (46.4 %)
Average Shares 168.75 168.75 -
EPS (Riyals) 2.64 1.42 (46.4 %)

The profit decline was attributed to lower base oil crack margins. This was partially offset by an increase in revenues in the current quarter compared to the same quarter of last year due to the rise in by-products prices and volumes.

 

Sequentially, the company’s net profit dropped 11% from SAR 268.65 million in Q4 2023 on lower revenue, which was mainly due to the decrease in base oil sales prices and base oil volumes due to the scheduled hydrocracker unit shutdown.

 

Total shareholders’ equity, no minority interest, stood at SAR 4.25 billion as of March 31, 2024, compared to SAR 5.53 billion a year earlier.

 

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