Luberef profit dips 40% to SAR 537.9M in H1 2024; Q2 at SAR 298.8M

05/08/2024 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q1 2024	2,184.79	21.6 %	313.83	(43.4 %)	246.12	(47.4 %)
Q2 2024	2,728.81	4.4 %	386.91	(29.7 %)	316.22	(34.2 %)

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 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
Q1 2024	239.01	(46.4 %)	1.42	-	239.01	1.42
Q2 2024	298.84	(34.3 %)	1.77	5.64	293.21	1.74

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 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 %
Q1 2024	16.25 %	16.73 %	12.84 %
Q2 2024	14.42 %	14.75 %	11.08 %

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 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 %
Q1 2024	14.36 %	14.85 %	10.94 %
Q2 2024	14.18 %	14.03 %	10.74 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2024	168.75	7.72	7.52	25.22
Q2 2024	168.75	6.80	6.56	27.03

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 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
Q1 2024	20.02	20.56	6.13
Q2 2024	19.45	20.15	4.90

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
Q1 2024	1,106.97	1,077.82
Q2 2024	1,427.09	1,301.72

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	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	280.46	298.84	6.56 %

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
SNB Capital	300.00	298.84	(0.4) %
Al Rajhi Capital	282.00	298.84	6.0 %
GIB Capital	281.00	298.84	6.4 %
Citi Bank Group	258.82	298.84	15.5 %

Financial Ratios

	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

Saudi Aramco Base Oil Co. (LUBEREF)

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Luberef profit dips 40% to SAR 537.9M in H1 2024; Q2 at SAR 298.8M

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Financials (M)

Current Quarter Comparison (M)

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)

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Aramco Base Oil Co. (LUBEREF)

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Luberef profit dips 40% to SAR 537.9M in H1 2024; Q2 at SAR 298.8M

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Financials (M)

Current Quarter Comparison (M)

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Aramco Base Oil Co. (LUBEREF)

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Business Segments (Million)