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.
| 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 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 2,529.57 | 2,184.79 | (13.6 %) |
| Gross Income | 347.40 | 313.83 | (9.7 %) |
| Operating Income | 275.59 | 246.12 | (10.7 %) |
| Net Income | 268.65 | 239.01 | (11.0 %) |
| Average Shares | 168.75 | 168.75 | - |
| EPS (Riyals) | 1.59 | 1.42 | (11.0 %) |
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
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}