Luberef net profit soars 32% in 2022 to hit a record SAR 1.978bln

Luberef net profit soars 32% in 2022 to hit a record SAR 1.978bln

Jeddah, KSA: Earlier today, Saudi Aramco Base Oil Company - Luberef reported its financial results for 2022, registering its highest profits in the company’s history. This exceptional performance was attributed to the improvement in crack margins by 10% and the increase in sales volumes by 6% over 2021, supported by high levels of operational reliability, safety and the positive impact of transformation programs in the refinery sector at Saudi Aramco.

Revenues increased to 10.614 billion Saudi riyals in 2022, compared to 8.847 billion Saudi riyals in 2021, due to higher crack margins for base oils and by-products. The company earned 2.511 billion Saudi riyals before interest, taxes, depreciation and amortization in 2022, a 20% increase over last year's 2.096 billion Saudi riyals.

The company's President and Chief Executive Officer, Eng. Tareq AlNuaim, said: “We are proud of the impressive results we achieved in 2022. Based on market studies, we expect an increase of 5 million metric tons in global demand for the second and third categories of base oils during the period from 2022 to 2030. Luberef has all the necessary ingredients for growth, and we are planning to benefit from this growth through future medium-term projects. We also expect continued growth