Luberef 2022 profit up 32% to SAR 1.97 bln; Q4 at SAR 763.2 mln

19/02/2023 Argaam Exclusive

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Saudi Aramco Base Oil Co. (Luberef) posted a 32% leap in net profit after Zakat and tax to SAR 1.97 billion for 2022, compared to SAR 1.50 billion in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	8,846.73	10,613.89	20.0 %
Gross Income	2,041.78	2,433.69	19.2 %
Operating Income	1,748.26	2,190.09	25.3 %
Net Income	1,502.52	1,978.08	31.7 %
Average Shares	168.75	168.75	-
EPS (Riyals)	8.90	11.72	31.7 %

The strong earnings were backed by an increase in base oil and by-products crack margins, in addition to better sales volumes.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	2,415.94	1,808.83	(25.1 %)
Gross Income	337.74	683.98	102.5 %
Operating Income	250.48	660.98	163.9 %
Net Income	220.81	763.19	245.6 %
Average Shares	168.75	168.75	-
EPS (Riyals)	1.31	4.52	245.6 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	2,721.82	1,808.83	(33.5 %)
Gross Income	649.94	683.98	5.2 %
Operating Income	583.04	660.98	13.4 %
Net Income	474.79	763.19	60.7 %
Average Shares	168.75	168.75	-
EPS (Riyals)	2.81	4.52	60.7 %

The fourth-quarter net profit more than tripled to SAR 763.19 million, from SAR 220.81 million in Q4 2021.

Compared to the previous quarter, net profit climbed 60.7% from SAR 474.79 million.

Shareholders’ equity, no minority interest, grew to SAR 5.08 billion as of Dec. 31, 2022, from SAR 4.24 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	7.91	8.16	3.09

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

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

Financial Ratios

	Current
Market Cap (M Riyal)	18,900.00
Enterprise Value (EV) (M)	18,529.90
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)	18.82
P/E (TTM)	18.31
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 2022 profit up 32% to SAR 1.97 bln; Q4 at SAR 763.2 mln

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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) 2022 Q4

Financial Ratios

Share Price

Saudi Aramco Base Oil Co. (LUBEREF)

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Luberef 2022 profit up 32% to SAR 1.97 bln; Q4 at SAR 763.2 mln

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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) Q4 2022

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Saudi Aramco Base Oil Co. (LUBEREF)

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Business Segments (Million)