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Aramco’s base oil subsidiary Luberef’s net income fell 23.7% y-o-y to SAR 1.5 bn in 2023, according to its earnings release (pdf). Revenues were down 10.6% y-o-y to SAR 9.5 bnover the same period.
Luberef attributed the decline to lower base oil prices and by-product crack marginsdespite a “higher base oil sales volumes,” according to the release. “Despite base oil market turbulence, Luberef delivered record high production and sales in 2023, showcasing remarkable resilience, agile operations and robust financial position,” its President and CEO Samer Al Hokail said.
A look at Q4: Luberef’s bottom line fell 65% y-o-y in the fourth quarter of the year to SAR 269 mn, while its topline was up 38.9% y-o-y during the same period to SAR 2.5 bn.
Luberef’s board of directors proposed a dividend payout of SAR 841.3 mn for the second half of 2023 at SAR 5 apiece, it said in a disclosure to Tadawul. The distribution date is set to be announced at a later time. The board has also approved early repayment of loans worth SAR 937.5 mn, it said in a disclosure to Tadawul.
RETAL URBAN DEVELOPMENT-
Retal Urban Development’s net income declined 17.7% y-o-y to SAR 202.4 mn in 2023 on the back of lower sales of land and units and rising expenses, it said in a disclosure to Tadawul. Revenues were up 23.5% y-o-y last year to a record high of SAR 1.4 bn on the back of record sales of SAR 1.3 bn from development contracts.
Retal’s BoD has proposed a dividend payout of SAR 80 mn for 2H 2023 at SAR 0.16 per share, it said in a separate disclosure to Tadawul. The dividends will be distributed on 16 May.
SHAKER GROUP-
Home appliances importer and distributor Al Hassan Ghazi Ibrahim Shaker Co’s (Shaker Group) net income rose 99.3% y-o-y toSAR 65.4 mn in 2023 on the back of a focus on core business segments, it said in its earnings release (pdf). This is Shaker Group’s highest net income since FY 2015. Revenues were also up 19.2% y-o-y to SAR 1.2 bnover the same period, its highest since 2016, due to the growth of its HVAC solutions and home appliances segments.
On a 4Q basis: Shaker Group reversed losses in the fourth quarter of the year to report a bottom line of SAR 3.8 mn, compared to a net loss of SAR 2.4 mn in 4Q 2022, while its revenues were up 23.9% y-o-y during the quarter to SAR 259.6 mn.
