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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

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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