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LUBEREF-
Aramco’s base oil subsidiary Luberef saw its net income fell 46.4% y-o-y to SAR 239 mn in 1Q 2024 on the back of declines in base oil crack margins, according to its earnings release (pdf). Its revenues were up 21.6% y-o-y over the same period to SAR 2.2 bn due to higher by-products prices and volumes.
Highlights during the quarter: Luberef’s facility in Yanbu completed its planned hydrocracker catalyst replacement. This will help ensure the delivery for high-quality GII base oils. It also signed a MoU with Jabeen — the investment arm of the Royal Commission for Jubail and Yanbu — and the National Industrial Development Center to identify potential investments at its lubricants value park LubeHub in Yanbu to help boost local demand for base oils.
Uh, Enterprise? What are GII base oils? Produced through hydrocracking, group II base oils are purer than oils classified in group I and tend to behave better over a wider range of temperatures. GII oils can be used in lubricants including passenger car engine oils, gear oils, hydraulics, industrial lubricants, and — in some cases — heavy-duty engine oils. The “group” classification is a standard of the American Petroleum Institute.
What they said: “Our dedication to enhancing shareholder value remains strong, driven by transformative initiatives. Notably, the HVGO [a key production input] supply agreement broadens our GII base oil portfolio with premium heavy grades, while the Growth II project marks a significant step towards producing premium GIII base oils within the Kingdom by the second half of 2025,” Luberef CEO Samer Al Hokail said.
And, uh, GIII? They’re what your filling station markets as “synthetic” lubricants. They’re more complicated to make and are more high-performance than GII oils, with lower emissions footprints. The more sophisticated your vehicle, the more likely you are to want GIII lubricants.
SOLUTIONS BY STC
Arabian Internet and Communications Services saw its net income rise 16.1% y-o-y to SAR 353 mnin 1Q 2023, the tech subsidiary of telecom operator stc said in a disclosure to Tadawul yesterday. Revenues were up 5% y-o-y over the same period to SAR 2.8 bn due to an increase in its core ICT services, IT managed and operational services and digital services.
TADAWUL-
Saudi Tadawul Group Holding’s net income grew 122% y-o-y to SAR 201.5 mn in 1Q 2024, according to the company’s earnings release (pdf). Revenues were up 72.8% y-o-y to SAR 387.6 mn, with the post-trade segment accounting for SAR 207 mn of revenues, while the capital markets segment accounted for SAR 133.5 mn, and data and tech services accounted for the remainder.
SAUDI AWWAL BANK-
Saudi Awwal Bank’s net income rose 15.8% y-o-y to SAR 2.0 bn in 1Q 2024 on the back of higher operating income and a lower provision for expected credit losses, it said in a disclosure to Tadawul yesterday. Revenues were up 7.1% over the same period to SAR 3.4 bn.
SAUDI INVESTMENT BANK-
The Saudi Investment Bank’s net income grew 8.2% y-o-y to SAR 442.4 mn in 1Q 2024, it said in a disclosure to Tadawul yesterday. Revenues were up 3.3% over the same period to SAR 995.1 mn.
SAUDI GERMAN HEALTH-
Tadawul-listed healthcare provider Saudi German Health’s net income rose 3.6% y-o-y to SAR 51.9 mn in 1Q 2024 due to a growth in the number of inpatients and outpatients and a better utilization of outpatient clinics, it said in a disclosure to Tadawul yesterday. Revenues were up 8% y-o-y over the same period to SAR 689 mn.
NADEC-
The National Agricultural Development Company reported a 169% y-o-y rise in net income to SAR 101.3 mn in 1Q 2024 on the back of higher returns from bank deposits and profitshare from its joint venture, it said in a disclosure to Tadawul. Revenues increased 14.4% y-o-y to SAR 857.6 mn in 1Q 2024, due to booking more business from the dairy and food processing, and protein segments.
TASNEE-
National Industrialization recorded a net loss of SAR 72.1 mn in 1Q 2024, compared to net income of SAR 82.1 mn in 1Q 2023, on the back of scheduled maintenance driving down sales volumes coupled with average selling prices falling. Meanwhile, its topline fell 14.3% y-o-y to SAR 761.4, it said in a disclosure to Tadawul.
