Luberef net profit down 46% to SAR 239M in Q1

Luberef net profit down 46% to SAR 239M in Q1

05/05/2024 Argaam Exclusive

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Saudi Aramco Base Oil Co.’s (Luberef) net profit fell 46% to SAR 239 million in Q1 2024, from SAR 445.7 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 1,796.74 2,184.79 21.6 %
Gross Income 554.74 313.83 (43.4 %)
Operating Income 467.59 246.12 (47.4 %)
Net Income 445.67 239.01 (46.4 %)
Average Shares 168.75 168.75 -
EPS (Riyals) 2.64 1.42 (46.4 %)

The profit decline was attributed to lower base oil crack margins. This was partially offset by an increase in revenues in the current quarter compared to the same quarter of last year due to the rise in by-products prices and volumes.

 

Sequentially, the company’s net profit dropped 11% from SAR 268.65 million in Q4 2023 on lower revenue, which was mainly due to the decrease in base oil sales prices and base oil volumes due to the scheduled hydrocracker unit shutdown.

 

Total shareholders’ equity, no minority interest, stood at SAR 4.25 billion as of March 31, 2024, compared to SAR 5.53 billion a year earlier.

 

Attached Documents

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %)
Q1 2024 2,184.79 21.6 % 313.83 (43.4 %) 246.12 (47.4 %)


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 - - - - - -
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
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
Q1 2024 239.01 (46.4 %) 1.42 - 239.01 1.42

Profitability

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 - - -
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 %
Q2 2023 27.28 % 28.25 % 22.01 %
Q3 2023 24.89 % 25.95 % 20.39 %
Q4 2023 19.45 % 19.78 % 15.55 %
Q1 2024 16.25 % 16.73 % 12.84 %


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

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

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

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 249.33 239.01 (4.1 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Al Rajhi Capital 241.00 239.01 (0.8) %
SNB Capital 246.00 239.01 (2.8) %
GIB Capital 261.00 239.01 (8.4) %


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.
111.80
0.80 0.72 %

Saudi Aramco Base Oil Co. (LUBEREF)

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