Luberef receives notification for sales gas price increase, no significant impact on net profits

Saudi Aramco Base Oil Company – Luberef announced on Thursday that it has received official notification from Saudi Arabian Oil Company (Saudi Aramco) on 03/01/2024 informing the Company of an increase in the price of sales gas which is used in the Company’s operational activities at its facility in Yanbu starting from 01/01/2024.

The Company expected that the financial impact of the price increase is approximately 0.2% of the Company’s cost of revenue (SAR 18 Million) according to the latest audited annual financial statements. This impact will appear starting from the first quarter of the fiscal year 2024.

The Company highlighted that the current adjustment has no significant impact on the Company’s profitability over the coming period. Moreover, the Company will continue its efforts in enhancing its operational efficiencies to minimize the impact of the price increase and continue to deliver value to its shareholders as part of its business transformation journey.