Luberef’s 2023 profit dips 24% at SAR 1.5B; Q4 at SAR 268.7M

Saudi Aramco Base Oil Co. (Luberef) reported a 24% decline in net profit to SAR 1.509 billion in 2023, compared to SAR 1.97 billion in the prior year.

Financials (M)

Item	2022	2023	Change‬
Revenues	10,613.89	9,488.68	(10.6 %)
Gross Income	2,433.69	1,845.91	(24.2 %)
Operating Income	2,190.09	1,555.99	(29.0 %)
Net Income	1,978.08	1,509.61	(23.7 %)
Average Shares	168.75	168.75	-
EPS (Riyals)	11.72	8.95	(23.7 %)

Luberef said the profit declined due to lower prices for base oils and secondary products, despite the increase in sales volumes for base oils.

The company also reported a decrease in base oils and secondary products’ cracking margins, despite higher sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	1,808.83	2,529.57	39.8 %
Gross Income	683.98	347.40	(49.2 %)
Operating Income	660.98	275.59	(58.3 %)
Net Income	763.19	268.65	(64.8 %)
Average Shares	168.75	168.75	-
EPS (Riyals)	4.52	1.59	(64.8 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	2,549.34	2,529.57	(0.8 %)
Gross Income	393.25	347.40	(11.7 %)
Operating Income	332.30	275.59	(17.1 %)
Net Income	340.43	268.65	(21.1 %)
Average Shares	168.75	168.75	-
EPS (Riyals)	2.02	1.59	(21.1 %)

The fourth-quarter net profit dropped 65% to SAR 268.7 million from SAR 763.19 million in Q4 2022.

Luberef’s earnings fell 21.1% quarter-on-quarter (QoQ) from SAR 340.43 million in Q3 2023.

Total shareholders’ equity, no minority interest, increased to SAR 4.86 billion as of Dec. 31, 2023, from SAR 5.08 billion in the year-earlier period.

Attached Documents

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Share Price

Saudi Aramco Base Oil Co. (LUBEREF)

	Current
Market Cap (M Riyal)	18,866.25
Enterprise Value (EV) (M)	18,496.15
Shares Outstanding ((M))	168.75
EPS ( Riyal) (TTM)	6.12
Book Value (BV) ( Riyal)	24.54
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.79
P/E (TTM)	18.27
Price/book	4.56
Return on Average Assets (%) (TTM)	11.7
Return on Average Equity (%) (TTM)	23.5

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	4,010.32	-	412.39	-	165.70	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	3,937.36	(1.8 %)	206.30	(50.0 %)	(68.48)	(141.3 %)
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	3,187.49	(19.0 %)	414.93	101.1 %	139.67	304.0 %
Q1 2021	1,784.62	-	411.74	-	345.72	-
Q2 2021	2,267.57	-	682.60	-	608.90	-
Q3 2021	2,378.60	-	609.71	-	543.17	-
Q4 2021	2,415.94	-	337.74	-	250.48	-
2021	8,846.73	177.5 %	2,041.78	392.1 %	1,748.26	1151.7 %
Q1 2022	2,740.74	53.6 %	506.43	23.0 %	420.32	21.6 %
Q2 2022	3,342.50	47.4 %	593.34	(13.1 %)	525.74	(13.7 %)
Q3 2022	2,721.82	14.4 %	649.94	6.6 %	583.04	7.3 %
Q4 2022	1,808.83	(25.1 %)	683.98	102.5 %	660.98	163.9 %
2022	10,613.89	20.0 %	2,433.69	19.2 %	2,190.09	25.3 %
Q1 2023	1,796.74	(34.4 %)	554.74	9.5 %	467.59	11.2 %
Q2 2023	2,613.03	(21.8 %)	550.51	(7.2 %)	480.50	(8.6 %)
Q3 2023	2,549.34	(6.3 %)	393.25	(39.5 %)	332.30	(43.0 %)
Q4 2023	2,529.57	39.8 %	347.40	(49.2 %)	275.59	(58.3 %)
2023	9,488.68	(10.6 %)	1,845.91	(24.2 %)	1,555.99	(29.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	4,010.32	-	412.39	-	165.70	-
2019	3,937.36	(1.8 %)	206.30	(50.0 %)	(68.48)	(141.3 %)
2020	3,187.49	(19.0 %)	414.93	101.1 %	139.67	304.0 %
2021	8,846.73	177.5 %	2,041.78	392.1 %	1,748.26	1151.7 %
2022	10,613.89	20.0 %	2,433.69	19.2 %	2,190.09	25.3 %
2023	9,488.68	(10.6 %)	1,845.91	(24.2 %)	1,555.99	(29.0 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	109.78	-	0.65	-	109.78	0.65
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	(140.61)	(228.1 %)	(0.83)	-	(140.61)	(0.83)
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	81.08	157.7 %	0.48	-	81.08	0.48
Q1 2021	303.32	-	1.80	-	303.32	1.80
Q2 2021	519.01	-	3.08	-	519.01	3.08
Q3 2021	459.38	-	2.72	-	459.38	2.72
Q4 2021	220.81	-	1.31	-	220.81	1.31
2021	1,502.52	1753.2 %	8.90	-	1,502.52	8.90
Q1 2022	302.63	(0.2 %)	1.79	(70.89)	373.52	2.21
Q2 2022	437.47	(15.7 %)	2.59	(39.75)	477.22	2.83
Q3 2022	474.79	3.4 %	2.81	(23.46)	498.24	2.95
Q4 2022	763.19	245.6 %	4.52	194.23	568.96	3.37
2022	1,978.08	31.7 %	11.72	60.14	1,917.94	11.37
Q1 2023	445.67	47.3 %	2.64	-	445.67	2.64
Q2 2023	454.85	4.0 %	2.70	-	454.85	2.70
Q3 2023	340.43	(28.3 %)	2.02	21.84	318.59	1.89
Q4 2023	268.65	(64.8 %)	1.59	12.46	256.19	1.52
2023	1,509.61	(23.7 %)	8.95	34.30	1,475.31	8.74

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	109.78	-	0.65	-	109.78	0.65
2019	(140.61)	(228.1 %)	(0.83)	-	(140.61)	(0.83)
2020	81.08	157.7 %	0.48	-	81.08	0.48
2021	1,502.52	1753.2 %	8.90	-	1,502.52	8.90
2022	1,978.08	31.7 %	11.72	60.14	1,917.94	11.37
2023	1,509.61	(23.7 %)	8.95	34.30	1,475.31	8.74

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	10.28 %	12.44 %	2.74 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	5.24 %	5.98 %	(3.57 %)
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	13.02 %	14.08 %	2.54 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	23.08 %	23.61 %	16.98 %
2021	23.08 %	23.61 %	16.98 %
Q1 2022	21.79 %	22.07 %	16.04 %
Q2 2022	18.82 %	19.12 %	14.07 %
Q3 2022	18.60 %	18.89 %	13.99 %
Q4 2022	22.93 %	23.84 %	18.07 %
2022	22.93 %	23.84 %	18.07 %
Q1 2023	25.67 %	26.62 %	20.58 %
Q2 2023	27.28 %	28.25 %	22.01 %
Q3 2023	24.89 %	25.95 %	20.39 %
Q4 2023	19.45 %	19.78 %	15.55 %
2023	19.45 %	19.78 %	15.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	10.28 %	12.44 %	2.74 %
2019	5.24 %	5.98 %	(3.57 %)
2020	13.02 %	14.08 %	2.54 %
2021	23.08 %	23.61 %	16.98 %
2022	22.93 %	23.84 %	18.07 %
2023	19.45 %	19.78 %	15.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	23.07 %	24.11 %	17.00 %
Q2 2021	30.10 %	30.61 %	22.89 %
Q3 2021	25.63 %	26.40 %	19.31 %
Q4 2021	13.98 %	13.92 %	9.14 %
Q1 2022	18.48 %	18.43 %	13.63 %
Q2 2022	17.75 %	18.26 %	14.28 %
Q3 2022	23.88 %	24.55 %	18.31 %
Q4 2022	37.81 %	41.28 %	31.45 %
Q1 2023	30.87 %	30.55 %	24.80 %
Q2 2023	21.07 %	21.51 %	17.41 %
Q3 2023	15.43 %	16.38 %	12.50 %
Q4 2023	13.73 %	13.79 %	10.13 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	168.75	-	-	23.79
Q2 2021	168.75	-	-	26.77
Q3 2021	168.75	-	-	29.45
Q4 2021	168.75	8.90	8.90	25.15
Q1 2022	168.75	8.90	9.32	26.95
Q2 2022	168.75	8.42	9.07	22.98
Q3 2022	168.75	8.51	9.30	25.79
Q4 2022	168.75	11.72	11.37	30.12
Q1 2023	168.75	12.57	11.79	32.77
Q2 2023	168.75	12.67	11.66	30.50
Q3 2023	168.75	11.88	10.60	27.54
Q4 2023	168.75	8.95	8.74	28.85

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	168.75	0.65	0.65	21.95
2019	168.75	(0.83)	(0.83)	21.31
2020	168.75	0.48	0.48	21.99
2021	168.75	8.90	8.90	25.15
2022	168.75	11.72	11.37	30.12
2023	168.75	8.95	8.74	28.85

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	7.91	8.16	3.09
Q1 2023	8.86	9.45	3.40
Q2 2023	10.78	11.71	4.49
Q3 2023	12.53	14.04	5.40
Q4 2023	16.18	16.56	5.03

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	7.91	8.16	3.09
2023	16.18	16.56	5.03

Business Segments (Million)

Compared With The

Period	base oil sales	By-products sales
Q1 2021	981.98	802.64
Q2 2021	1,312.01	955.56
Q3 2021	1,261.11	1,117.49
Q4 2021	1,188.02	1,227.92
Q1 2022	1,318.78	1,421.96
Q2 2022	1,643.91	1,698.58
Q3 2022	1,446.71	1,275.11
Q4 2022	1,360.11	448.73
Q1 2023	1,116.48	680.26
Q2 2023	1,492.37	1,120.66
Q3 2023	1,246.91	1,302.43
Q4 2023	1,393.56	1,136.01

Period	base oil sales	By-products sales
2018	2,307.50	1,702.82
2019	2,332.09	1,605.27
2020	2,180.61	1,006.88
2021	4,743.12	4,103.61
2022	5,769.51	4,844.38
2023	5,249.32	4,239.36

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	406.33	268.65	(33.9 %)

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
Al Rajhi Capital	322.00	268.65	(16.6) %
GIB Capital	438.00	268.65	(38.7) %
SNB Capital	459.00	268.65	(41.5) %

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Luberef’s 2023 profit dips 24% at SAR 1.5B; Q4 at SAR 268.7M

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Luberef’s 2023 profit dips 24% at SAR 1.5B; Q4 at SAR 268.7M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Saudi Aramco Base Oil Co. (LUBEREF)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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