Financial Results : Luberef profit at SAR 745.5M in 9M 2025, SAR 278.8M in Q3

Luberef profit at SAR 745.5M in 9M 2025, SAR 278.8M in Q3

02/11/2025 Argaam Exclusive

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Saudi Aramco Base Oil Co. (Luberef) posted a net profit of SAR 745.5 million for the first nine months of 2025, a decline of 2% from SAR 763.8 million in the corresponding period of 2024.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 7,409.07 6,534.32 (11.8 %)
Gross Income 997.04 971.53 (2.6 %)
Operating Income 779.06 776.04 (0.4 %)
Net Income 763.82 745.53 (2.4 %)
Average Shares 168.75 168.75 -
Earnings Per Share before unusual items (Riyals) 4.43 4.42 (0.3 %)
EPS (Riyal) 4.53 4.42 (2.4 %)

The lower profit was attributed to a decline in revenues, due to subdued sales volumes of base oils, along with lower by-products prices and sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 2,495.47 2,157.25 (13.6 %)
Gross Income 296.30 363.70 22.7 %
Operating Income 216.73 292.56 35.0 %
Net Income 225.96 278.83 23.4 %
Average Shares 168.75 168.75 -
Earnings Per Share before unusual items (Riyal) 1.28 1.65 29.2 %
EPS (Riyal) 1.34 1.65 23.4 %

In Q3 2025, Luberef’s net earnings rose by 23.4% to SAR 278.8 million, from SAR 225.9 million in the prior-year period, thanks to an increase in base oil and by-products crack margins.

 

On the other hand, revenues declined amid lower sales volumes and base oil prices.

 

Compared to Q2 2025, net earnings saw an increase of 13.7% from SAR 245.2 million.

 

Total shareholders’ equity, with no minority interest, reached SAR 4.44 billion as of Sept. 30, 2025, up from SAR 4.14 billion a year earlier.

 

Attached Documents

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %) 216.73 (34.8 %)
Q4 2024 2,626.79 3.8 % 338.58 (2.5 %) 219.74 (20.3 %)
Q1 2025 2,127.96 (2.6 %) 287.55 (8.4 %) 226.34 (8.0 %)
Q2 2025 2,249.11 (17.6 %) 320.28 (17.2 %) 257.14 (18.7 %)
Q3 2025 2,157.25 (13.6 %) 363.70 22.7 % 292.56 35.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
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
Q1 2025 221.51 (7.3 %) 1.31 - 221.51 1.31
Q2 2025 245.20 (18.0 %) 1.45 - 245.20 1.45
Q3 2025 278.83 23.4 % 1.65 - 278.83 1.65

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2024 14.42 % 14.75 % 11.08 %
Q3 2024 13.53 % 13.44 % 10.10 %
Q4 2024 13.31 % 12.66 % 9.51 %
2024 13.31 % 12.55 % 9.51 %
Q1 2025 13.12 % 12.38 % 9.38 %
Q2 2025 13.08 % 12.34 % 9.35 %
Q3 2025 14.30 % - 10.39 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
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
Q1 2025 168.75 5.66 5.55 24.15
Q2 2025 168.75 5.34 5.26 25.67
Q3 2025 168.75 5.65 5.64 26.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q2 2024 19.45 20.15 4.90
Q3 2024 21.67 22.28 5.40
Q4 2024 19.35 19.72 4.29
Q1 2025 18.56 18.92 4.35
Q2 2025 19.14 19.41 3.98
Q3 2025 15.77 15.81 3.38

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
Q2 2024 1,427.09 1,301.72
Q3 2024 1,324.09 1,171.38
Q4 2024 1,410.20 1,216.59
Q1 2025 1,060.67 1,067.29
Q2 2025 1,224.72 1,024.39

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 252.36 278.83

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 274.00 278.83
GIB Capital 255.00 278.83
Citi Bank Group 228.07 278.83


Financial Ratios
Current
Market Cap (M Riyal) 16,115.64
Enterprise Value (EV) (M Riyal) 16,143.75
Shares Outstanding ((M)) 168.75
EPS ( Riyal) (TTM) 5.65
Book Value (BV) ( Riyal) 26.35
Par Value ( Riyal) 10.00
Recurring P/E 16.94
P/E (TTM) 16.90
Price/book 3.62
Return on Average Assets (%) (TTM) 12.2
Return on Average Equity (%) (TTM) 22.2
EV/adj EBITDA -
EV/Revenues 1.76
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Share Price

Saudi Aramco Base Oil Co.
95.50
0.05 0.05 %

Saudi Aramco Base Oil Co. (LUBEREF)

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