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Luberef’s 2024 profit dips 36% to SAR 972M; Q4 at SAR 208.2M
Saudi Aramco Base Oil Co. (Luberef) reported a 36% decline in net profit to SAR 972 million in 2024, compared to SAR 1.5 billion in the prior year.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 9,488.68 | 10,035.85 | 5.8 % |
| Gross Income | 1,845.91 | 1,335.63 | (27.6 %) |
| Operating Income | 1,555.99 | 988.66 | (36.5 %) |
| Net Income | 1,509.61 | 972.03 | (35.6 %) |
| Average Shares | 168.75 | 168.75 | - |
| Earnings Per Share before unusual items | 8.74 | 5.65 | (35.3 %) |
| EPS (Riyals) | 8.95 | 5.76 | (35.6 %) |
Luberef said the profit declined due to lower base oils and by-products crack margins and a decline in base oils prices.
The company also reported a 33% drop in earnings before interest, taxes, depreciation, and amortization (EBITDA) to SAR 1.27 billion compared to SAR 1.91 million for the previous year.
This came despite the increase in base oil sales volumes and higher by-products prices.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 2,529.57 | 2,626.79 | 3.8 % |
| Gross Income | 347.40 | 338.58 | (2.5 %) |
| Operating Income | 275.59 | 219.74 | (20.3 %) |
| Net Income | 268.65 | 208.21 | (22.5 %) |
| Average Shares | 168.75 | 168.75 | - |
| Earnings Per Share before unusual items | 1.52 | 1.22 | (19.6 %) |
| EPS (Riyals) | 1.59 | 1.23 | (22.5 %) |
The fourth-quarter net profit dropped 23% to SAR 208.21 million from SAR 268.65 million in Q4 2023.
Luberef’s earnings fell 7.9% quarter-on-quarter (QoQ) from SAR 225.96 million in Q3 2024.
Total shareholders’ equity, no minority interest, fell to SAR 4.39 billion as of Dec. 31, 2024, from SAR 4.86 billion in the year-earlier period.
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Share Price
Saudi Aramco Base Oil Co. (LUBEREF)
| Current | |
| Market Cap (M Riyal) | 16,976.25 |
| Enterprise Value (EV) (M) | 16,690.28 |
| Shares Outstanding ((M)) | 168.75 |
| EPS ( Riyal) (TTM) | 5.76 |
| Book Value (BV) ( Riyal) | 26.06 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 17.80 |
| P/E (TTM) | 17.46 |
| Price/book | 3.86 |
| Return on Average Assets (%) (TTM) | 11.7 |
| Return on Average Equity (%) (TTM) | 21.0 |
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 %) |
| Q4 2024 | 2,626.79 | 3.8 % | 338.58 | (2.5 %) | 219.74 | (20.3 %) |
| 2024 | 10,035.85 | 5.8 % | 1,335.63 | (27.6 %) | 988.66 | (36.5 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual 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 |
| Q4 2024 | 208.21 | (22.5 %) | 1.23 | 2.28 | 205.93 | 1.22 |
| 2024 | 972.03 | (35.6 %) | 5.76 | 18.05 | 953.98 | 5.65 |
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 % |
| Q4 2024 | 13.31 % | 12.55 % | 9.51 % |
| 2024 | 13.31 % | 12.55 % | 9.51 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (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 |
| Q4 2024 | 168.75 | 5.76 | 5.65 | 26.06 |
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 |
| Q4 2024 | 19.35 | 19.72 | 4.29 |
Business Segments (Million)
Q4 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 |
| Q4 2024 | 1,410.20 | 1,216.59 |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| Average | 216.00 | 208.21 | (3.6 %) |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (net income) | Change |
|---|---|---|---|
| Al Rajhi Capital | 206.00 | 208.21 | 1.1 % |
| GIB Capital | 212.00 | 208.21 | (1.8) % |
| SNB Capital | 230.00 | 208.21 | (9.5) % |
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