Saudi Aramco’s Luberef revenue reaches SAR 1.98bln

Saudi Aramco Base Oil Company (Luberef) showed an increase in its net profit by 31.65 percent to reach SAR 1.98 billion ($528.324 million) after taxes in 2022, compared to SAR 1.50 in 2021, according to the annual financial results on Sunday.

The increase recorded the highest revenues in Luberef’s history, while the earnings per share (EPS) hiked to SAR 11.72 last year from SAR 8.90 in 2021, the results added.

This increase is mainly driven by the improved base oil crack margins of 10 percent and increase in sales volumes by 6 percent compared to last year.

The revenue has increased by 20 percent to reach around SAR 10.61 billion in 2022, in comparison to SAR 8.85 billion in 2021.The debt ratio has decreased by 3 percent by the end of 2022, compared to 17 percent in 2021.