Luberef net profit up 47% to SAR 445.7 mln in Q1 2023

Luberef net profit up 47% to SAR 445.7 mln in Q1 2023

04/05/2023 Argaam Exclusive

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Saudi Aramco Base Oil Co.’s (Luberef) net profit rose 47% to SAR 445.7 million in Q1 2023, from SAR 302.6 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,740.74 1,796.74 (34.4 %)
Gross Income 506.43 554.74 9.5 %
Operating Income 420.32 467.59 11.2 %
Net Income 302.63 445.67 47.3 %
Average Shares 168.75 168.75 -
EPS (Riyals) 1.79 2.64 47.3 %

The positive performance was driven by higher base oil crack margins and lower Zakat and income tax expenses as the company became subjected to Zakat following its listing.

 

This came despite the lower quantities sold.

 

Sequentially, the company’s net profit fell 41.6% from SAR 763.19 million in Q4 2022 on reversal of all deferred tax liabilities in Q4 2022 arising from Saudi Aramco’s shareholding in Luberef, as the latter is no longer subjected to income tax but rather is subjected to Zakat.

 

Meanwhile, base oil crack margins decreased during the current quarter compared to the previous quarter.

 

Total shareholders’ equity, no minority interest, stood at SAR 5.53 billion as of March 31, 2023, compared to SAR 4.54 billion a year earlier. 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
Q1 2023 1,796.74 (34.4 %) 554.74 9.5 % 467.59 11.2 %


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 - - - - - -
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 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
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
Q1 2023 445.67 47.3 % 2.64 - 445.67 2.64

Profitability

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 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 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 %
Q1 2023 25.67 % 26.62 % 20.58 %


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

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

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

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 335.50 445.67 32.84 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Al Rajhi Capital 371.00 445.67 20.1 %
SNB Capital 300.00 445.67 48.6 %


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
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Share Price

Saudi Aramco Base Oil Co.
112.00
0.20 0.18 %

Saudi Aramco Base Oil Co. (LUBEREF)

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