Aramco Base Oil Company – Luberef profits decline to SAR 340.4 mln during Q3 by 28.3%

Saudi Aramco Base Oil Co. (Luberef) net profit after zakat and tax during the third quarter decreased to SAR 340.4 million, compared to SAR 474.7 million in the same quarter of last year, by 28.3%. This came after the announcement on Monday of the preliminary financial results for the period ending on September 30, 2023 (nine months).

Operational profit reached SAR 355.5 million in the third quarter, compared to SAR 570 million in the same quarter of the previous year, a decrease of 37.6%.

The company recorded revenues of SAR 2.54 billion during the same quarter, compared to SAR 2.72 billion in the same quarter of last year, a decline of 6.3%.

Net profit after zakat and tax in the 9-month period amounted to SAR 1.24 billion, compared to SAR 1.21 billion in the same period last year, with a growth of 2%.

Earnings per share in the current period reached SAR 7.38, compared to SAR 7.2 in the same period last year.

The drop in net income is mainly driven by a decrease in base oil crack margin despite the increase in sales volume.

The drop in net income is mainly driven by a decrease in base oil crack margin.

The increase in net income is mainly driven by a decrease in zakat and income tax expenses due to Luberef being subjected to zakat only after its listing.