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.
