Saudi Aramco Base Oil Company (Luberef) generated SAR 763.81 million in net profit during the first nine months (9M) of 2024, marking a 38.44% plunge from SAR 1.24 billion in 9M-23.

Revenues stood at SAR 7.40 billion in 9M-24, up 6.46% year-on-year (YoY) from SAR 6.95 billion, according to the initial financial results.

The earnings per share (EPS) dropped to SAR 4.54 as of 30 September 2024 from SAR 7.38 a year earlier.

Financials for Q3-24

In the third quarter (Q3) of 2024, Luberef posted 33.62% lower net profits at SAR 225.96 million, compared to SAR 340.43 million a year earlier.

The Saudi company registered a 2.11% decline in revenue to SAR 2.49 billion during July-September 2024, versus SAR 2.54 billion in Q3-23.

Quarterly, the Q3-24 profits plummeted by 24.38% from the SAR 298.84 million registered in April-June 2024, while the revenues fell by 8.55% from SAR 2.72 billion.

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