Luberef Q3 Profits Drop 33.6% to SAR 226 Million

The Saudi Aramco Base Oil Company – Luberef announced on Sunday that its net profit decreased by 33.6% to 226 million riyals during the third quarter of 2024, compared to 340 million riyals in the same quarter last year. This came after the announcement today of the estimated financial results for the duration ending Sep. 30, 2024 (9 months).
The operational profit decreased by 39% to 216.7 million riyals in the third quarter, compared to 455.5 million riyals in the same quarter last year.
The profits per share in the current duration reached 4.54 riyals, compared to 7.38 riyals in the same duration last year.
According to the company, the reason for the decrease in net profit in the current quarter compared to the same quarter last year is mainly due to the decrease in the margins of cracking by-products, in addition to a slight decrease in the margins of cracking base oils, despite the increase in base oil sales volumes.
The decrease in revenues during the current quarter compared to the previous quarter is mainly due to lower prices and sales volumes of base oils and by-products.