Riyadh, Saudi Arabia — Saudi Aramco Base Oil Co. (Luberef) reported a 2 percent rise in net profit to SAR 1.24 billion ($319.87 million) in the first nine months of 2023, compared to SAR 1.21 billion in the prior-year period.
The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
The third-quarter net profit dropped 28 percent to SAR 340.4 million from SAR 474.79 million in Q3 2022 on lower base oil crack margins despite higher sales.
Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.
Total shareholders’ equity, no minority interest, increased to SAR 4.64 billion as of Sept. 30, 2023, from SAR 4.35 billion in the year-earlier period.