Luberef Q3 2024 results: Analyst forecasts & insights

31/10/2024 Argaam Exclusive
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In this report, Argaam highlights the expected results of Saudi Aramco Base Oil Co. (Luberef) in Q3 2024, in addition to the company’s key events, quarterly revenue and profit development, as well as performance and profitability indicators.

 

The third-quarter revenue is expected to fall 1.8% year-on-year (YoY) to SAR 2.5 billion.

Quarter Revenue Changes (M Riyal)

Item Q3
2023		 Q4
2023		 Q1
2024		 Q2
2024		 Q3
2024
(Average Estimate)
Sales 2,549.34 2,529.57 2,184.79 2,728.81 2,503.75
Change % (6.34%) 39.85% 21.60% 4.43% (1.79%)

Quarter Net Income Changes (M Riyal)

Item Q3
2023		 Q4
2023		 Q1
2024		 Q2
2024		 Q3
2024
(Average Estimate)
Net Income 340.43 268.65 239.01 298.84 261.31
Extraordinary income/expense 21.84 12.46 0.00 5.64 -
Net Profit Before Unusual Items 318.59 256.19 239.01 293.21 -
EPS Before Unusual Items (Riyal/Share) 1.89 1.52 1.42 1.74 1.55

Key Events in Q3 2024

 

- The company’s board of directors decided to distribute cash dividends to shareholders at 36% (equivalent to SAR 3.6 per share) for the first half of 2024.

 

- On Nov. 3, Luberef will announce its financial results for Q3 2024.

 

- The average prices of Group I and II base oils increased 14% and 1.8% YoY, respectively, in Q3 2024, while the average prices of Group III base oils decreased by 16.3% YoY.

 

Compared to Q2 2024, the average prices of Group I and II base oils retreated by 2.9% and 6.9% QoQ, respectively, while the average prices of Group III grew by 2.5% QoQ, as shown in the following table: 

 

Average Prices of Base Oils for Three Groups ($/metric ton)

Item

2023

2024

Q3

Q4

Q1

Q2

Q3

Group I

805.4

905.4

919.4

945.3

917.8

Group II

841.5

892

836.2

920.4

856.5

Group III

1315.8

1174

1066.5

1074.6

1101.3
 

Quarterly Profit and Revenue (M Riyal)

JavaScript chart by amCharts 3.21.12261.31298.84239.01268.65340.43Q3-2024-EstimatedQ2-2024Q1-2024Q4-2023Q3-2023200250300350400

Average Estimates

 

Luberef is expected to log a net profit of SAR 261.3 million in Q3 2024, a YoY decline of 18%, according to average estimates by four research firms.

Quarterly Actuals vs Estimates (M Riyal)

Average Estimate (M Riyal)

Analyst Million Riyals
Citi Bank Group 272.22
Al Rajhi Capital Company 267.00
GIB Capital LLC 262.00
SNB Capital Company 244.00
Average 261.31
Net Profit Before Unusual Items (2023 - Q3) 318.59
Change % (17.98%)

Performance & Profitability Indicators

 

The following table shows the stock performance, P/E ratio, and earnings per share trailing 12 months (TTM) and year to date (YTD):

P/E (TTM)

Stock Performance

Item The Company TASI
YTD (9.66 %) (0.12 %)
Change(12M) (36.88 %) 12.46 %
Previous Close 117.20 12,022.11
P/E adjusted (x) 17.78 25.43
EPS (TTM) before unusual items (SAR/Share) 6.56 -

Comments 1

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ابوسهام

منذ 4 شهر

اعلان غير جيد ونزول في حقوق المساهمين يعتبر سلبي في توقيت مهم جدا للشركة

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Saudi Aramco Base Oil Co.
101.00
5.10 5.32 %
JavaScript chart by amCharts 3.21.12
JavaScript chart by amCharts 3.21.1211:0012:0013:0014:0015:00949698100102
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Valuation Data (Latest Share Price)

P/E (TTM) 17.53
P/E Before Unusual Items (TTM) 17.87
P/BV 3.88
Dividend Yield 5.96 %
Market Cap. (M) 17,043.75
Return on Average Assets 11.71 %
Return on Average Equity 20.98 %

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