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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Luberef net profit falls 24%

The company reported a 24 percent drop in net profit in 2023. (Luberef)
By TRENDS Desk
February 28, 2024 2:50 pm
  • The company also reported a decrease in base oils and secondary products’ cracking margins, despite higher sales volumes.
  • The fourth-quarter net profit dropped 65 percent to SAR 268.7 million from SAR 763.19 million in Q4 2022.

Riyadh, Saudi Arabia — Saudi Aramco Base Oil Company (Luberef) has posted a 24 percent decline in net profit to SAR 1.509 billion ($402 billion) in 2023, compared to SAR 1.97 billion in the prior year.

Luberef said the profit declined due to lower prices for base oils and secondary products, despite the increase in sales volumes for base oils, Argaam reported.

The company also reported a decrease in base oils and secondary products’ cracking margins, despite higher sales volumes.

The fourth-quarter net profit dropped 65 percent to SAR 268.7 million from SAR 763.19 million in Q4 2022.

Luberef’s earnings fell 21.1 percent quarter-on-quarter (QoQ) from SAR 340.43 million in Q3 2023.

Total shareholders’ equity, no minority interest, increased to SAR 4.86 billion as of Dec. 31, 2023, from SAR 5.08 billion in the year-earlier period.

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