Saudi Aramco Base Oil Company (Luberef), one of the world’s leading suppliers of base oils, has announced solid results for FY 2024 with its revenues for the 12 months surging to hit SAR10.03 billion ($2.6 billion), up 5.8% over the previous year's figure of SAR9.48 billion ($2.5 billion) mainly due to increase in by-products sales volumes as well as by-product prices despite a plunge in base oil prices.

 

Announcing the results for the 12-month period ended December 31, 2024, Luberef said however, its net profit plunged 35% to SAR972.02 million from the previous year's figure of SAR1.5 billion. 

 

This was mainly due to a decrease in base oils and by-products crack margins despite the increase in base oil sales volumes, said Luberef in its filing to Saudi bourse Tadawul.

 

Meanwhile, the earnings per share (EPS) retreated to SAR5.78 in 2024 from SAR8.98 a year earlier, it added.

 

Impressed with the results, the board members have proposed cash dividends to shareholders valued at SAR518.22 million for the second half of 2024. 

 

This brings the full-year dividends to SAR6.68 per share, which is approximately 70% of free cash flow according to the performance-linked distribution policy.

 

Luberef will disburse a dividend of SAR3.08 per share for 168.25 million eligible shares, it added.-TradeArabia News Service