Luberef’s 2023 profit dips 24% at SAR 1.5B; Q4 at SAR 268.7M
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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)
| 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 %) |
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
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2023
| Period | base oil sales | By-products sales |
|---|---|---|
| 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 |
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) % |
| 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 |
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