Saudi Aramco Base Oil Co.’s (Luberef) net profit fell 40% to SAR 537.9 million in H1 2024 from SAR 900.5 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 4,409.77 | 4,913.60 | 11.4 % |
| Gross Income | 1,105.26 | 700.74 | (36.6 %) |
| Operating Income | 948.09 | 562.33 | (40.7 %) |
| Net Income | 900.52 | 537.86 | (40.3 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 5.34 | 3.19 | (40.3 %) |
The decline in profit was attributed to lower margins on base oil cracking and by-products. This was partially offset by higher revenues during H1 2024 compared to the same period last year, driven by increased prices and sales volumes of by-products, as well as higher sales volumes of base oils.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2,613.03 | 2,728.81 | 4.4 % |
| Gross Income | 550.51 | 386.91 | (29.7 %) |
| Operating Income | 480.50 | 316.22 | (34.2 %) |
| Net Income | 454.85 | 298.84 | (34.3 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 2.70 | 1.77 | (34.3 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2,184.79 | 2,728.81 | 24.9 % |
| Gross Income | 313.83 | 386.91 | 23.3 % |
| Operating Income | 246.12 | 316.22 | 28.5 % |
| Net Income | 239.01 | 298.84 | 25.0 % |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 1.42 | 1.77 | 25.0 % |
The company's net profit dropped 34.3% year-on-year (YoY) to SAR 298.84 million from SAR 454.85 million in Q2 2023 due to decreased margins on base oil cracking and by-products, despite increased sales of by-products. This decrease was offset by higher revenues resulting from increased prices and sales volumes of by-products.
Luberef's net profit increased by 25% quarter-on-quarter (QoQ) in Q2 2024, driven by increased revenues in the current quarter primarily due to higher prices and sales volumes of base oils and by-products, as well as increased sales volumes and margins on base oil cracking.
Total shareholders’ equity, no minority interest, stood at SAR 4.56 billion as of June 30, 2024, compared to SAR 5.14 billion a year earlier.
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