Saudi Aramco’s Luberef Base Oils Profits Drop to SAR 239 Million in Q1, Down by 46%

Saudi Aramco Base Oils Company – Luberef has disclosed a net profit decrease to 239 million riyals during the first quarter of 2024, compared to 446 million riyals in the corresponding quarter of the previous year, marking a 46% decline. This announcement follows the release of estimated financial results for the period ending March 31, 2024 (3 months).

Total profit for Q1 2024 amounted to 314 million riyals, reflecting a 43% decrease from 555 million riyals in the same quarter of the previous year.

Operating profit for Q1 2024 stood at 246 million riyals, representing a 48% increase from 473 million riyals in the same quarter of the previous year.

Earnings per share for Q1 2024 amounted to 1.42 riyals, down from 2.65 riyals in the corresponding quarter of the previous year.

The increase in revenues in the current quarter compared to the same quarter of the last year is attributed to higher by-products prices and volumes.

The net profit decrease in the current quarter compared to the same quarter of the last year is primarily due to the decrease in base oil crack margins.

The revenue decrease in the current quarter compared to the previous quarter is mainly attributed to lower base oil sales prices and reduced base oil volumes due to the scheduled hydrocracker unit shutdown.

The net profit decrease in the current quarter compared to the previous quarter is mainly due to a decrease in base oil crack margins and lower sales volumes resulting from the scheduled hydrocracker unit shutdown.