Luberef’s 9M 2023 profit up 2% at SAR 1.24 bln; Q3 at SAR 340.4 mln
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Saudi Aramco Base Oil Co. (Luberef) reported a 2% rise in net profit to SAR 1.24 billion in the first nine months of 2023, compared to SAR 1.21 billion in the prior-year period.
Financials (M)
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 8,805.06 | 6,959.11 | (21.0 %) |
| Gross Income | 1,749.71 | 1,498.51 | (14.4 %) |
| Operating Income | 1,529.11 | 1,280.39 | (16.3 %) |
| Net Income | 1,214.89 | 1,240.96 | 2.1 % |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 7.20 | 7.35 | 2.1 % |
The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares.
Current Quarter Comparison (M)
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2,721.82 | 2,549.34 | (6.3 %) |
| Gross Income | 649.94 | 393.25 | (39.5 %) |
| Operating Income | 583.04 | 332.30 | (43.0 %) |
| Net Income | 474.79 | 340.43 | (28.3 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 2.81 | 2.02 | (28.3 %) |
The third-quarter net profit dropped 28% to SAR 340.4 million from SAR 474.79 million in Q3 2022 on lower base oil crack margins despite higher sales.
Luberef’s bottom line dropped 25.2% quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins.
Total shareholders’ equity, no minority interest, increased to SAR 4.64 billion as of Sept. 30, 2023, from SAR 4.35 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 %) |
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 |
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 % |
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 |
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 |
Business Segments (Million)
Q3 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 |
Analysts Estimates (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| Average | 288.50 | 340.43 | 18.00 % |
Estimates vs Actual (Million)
| Item | Q3 2023 (e) | Q3 2023 (a) | Change |
|---|---|---|---|
| SNB Capital | 326.00 | 340.43 | 4.4 % |
| Al Rajhi Capital | 251.00 | 340.43 | 35.6 % |
| 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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