Luberef Saudi Arabia announces a decline in annual profits to 972 million riyals.

Saudi Aramco for Base Oils (Luberef) announced a decline in net profit - after zakat and tax deductions - of 35.61% to 972,028 million riyals during the past year, compared to a net profit of 1,509 billion riyals achieved by Luberef in 2023.

In a statement published on the Saudi Exchange platform on Monday, Aramco for Base Oils clarified that earnings per share decreased last year to 5.78 riyals compared to 8.98 riyals recorded by Luberef's share in 2023.

According to the company's disclosure, Luberef explained that the reason for the decline in net profits for 2024 is attributed to the decrease in margins of base oil cracking and secondary products despite the increase in sales volumes of base oils.

With the conclusion of today's Saudi trading, shares of Saudi Aramco for Base Oils (TADAWUL: 2223) recorded an increase of 0.37%, closing the session at the level of 109.2 riyals.