Luberef profit down 38% to SAR 763.8M in 9M 2024; Q3 at SAR 226M
03/11/2024
Argaam Exclusive
View other reports
Saudi Aramco Base Oil Co.’s (Luberef) net profit fell 38% to SAR 763.8 million in the first nine months of 2024 from SAR 1.24 billion a year earlier.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 6,959.11 | 7,409.07 | 6.5 % |
| Gross Income | 1,498.51 | 997.04 | (33.5 %) |
| Operating Income | 1,280.39 | 768.93 | (39.9 %) |
| Net Income | 1,240.96 | 763.82 | (38.4 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 7.35 | 4.53 | (38.4 %) |
This was due to lower base oil crack margins and sales volumes as well as a decrease in by-products crack margins.
However, the company recorded strong revenues during the current period due to higher by-product and base oil sales volumes, as well as by-product prices, despite a decrease in base oil prices.
The third-quarter net profit dropped 34% to SAR 226 million, from SAR 340.43 million in Q3 2023, mainly due to lower revenues.
Compared to Q2 2024, net earnings declined by 24.4% from SAR 298.8 million.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 2,549.34 | 2,495.47 | (2.1 %) |
| Gross Income | 393.25 | 296.30 | (24.7 %) |
| Operating Income | 332.30 | 206.60 | (37.8 %) |
| Net Income | 340.43 | 225.96 | (33.6 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 2.02 | 1.34 | (33.6 %) |
Shareholders’ equity, no minority interest, reached SAR 4.14 billion as of Sept. 30, 2024, down from SAR 4.64 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 2,184.79 | 21.6 % | 313.83 | (43.4 %) | 246.12 | (47.4 %) |
| Q2 2024 | 2,728.81 | 4.4 % | 386.91 | (29.7 %) | 316.22 | (34.2 %) |
| Q3 2024 | 2,495.47 | (2.1 %) | 296.30 | (24.7 %) | 206.60 | (37.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 239.01 | (46.4 %) | 1.42 | - | 239.01 | 1.42 |
| Q2 2024 | 298.84 | (34.3 %) | 1.77 | 5.64 | 293.21 | 1.74 |
| Q3 2024 | 225.96 | (33.6 %) | 1.34 | 10.13 | 215.83 | 1.28 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 16.25 % | 16.73 % | 12.84 % |
| Q2 2024 | 14.42 % | 14.75 % | 11.08 % |
| Q3 2024 | 13.53 % | 13.34 % | 10.10 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 168.75 | 7.72 | 7.52 | 25.22 |
| Q2 2024 | 168.75 | 6.80 | 6.56 | 27.03 |
| Q3 2024 | 168.75 | 6.12 | 5.95 | 24.54 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 20.02 | 20.56 | 6.13 |
| Q2 2024 | 19.45 | 20.15 | 4.90 |
| Q3 2024 | 21.67 | 22.28 | 5.40 |
Business Segments (Million)
Q3 2024
| Period | base oil sales | By-products sales |
|---|---|---|
| Q1 2024 | 1,106.97 | 1,077.82 |
| Q2 2024 | 1,427.09 | 1,301.72 |
| Q3 2024 | 1,324.09 | 1,171.38 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 261.31 | 225.96 | (13.5 %) |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| SNB Capital | 244.00 | 225.96 | (7.4) % |
| GIB Capital | 262.00 | 225.96 | (13.8) % |
| Al Rajhi Capital | 267.00 | 225.96 | (15.4) % |
| Citi Bank Group | 272.22 | 225.96 | (17.0) % |
| Current | |
| Market Cap (M Riyal) | 18,697.50 |
| Enterprise Value (EV) (M) | 18,327.40 |
| 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) | 18.62 |
| P/E (TTM) | 18.11 |
| Price/book | 4.52 |
| Return on Average Assets (%) (TTM) | 11.7 |
| Return on Average Equity (%) (TTM) | 23.5 |
Share Price
Saudi Aramco Base Oil Co. (LUBEREF)
Follow us on
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}