Luberef profit down 38% to SAR 763.8M in 9M 2024; Q3 at SAR 226M

Luberef profit down 38% to SAR 763.8M in 9M 2024; Q3 at SAR 226M

03/11/2024 Argaam Exclusive

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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 -
Earnings Per Share before unusual items 7.22 4.43 (38.6 %)
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.



Current Quarter Comparison (M)

Compared With The
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 -
Earnings Per Share before unusual items 1.89 1.28 (32.3 %)
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.

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