Saudi: Luberef logs $143.3mln profits in H1-24; dividends unveiled

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Saudi Aramco Base Oil Company (Luberef) posted net profits valued at SAR 537.85 million in the first half (H1) of 2024, down 40.27% year-on-year (YoY) from SAR 900.52 million.

The revenues increased by 11.42% to SAR 4.91 billion in H1-24 from SAR 4.40 billion in the first six months (6M) of 2023, according to the financial results.

Earnings per share (EPS) dropped to SAR 3.20 as of 30 June 2024 from SAR 5.35 in the year-ago period.

Financials for Q2

In the second quarter (Q2) of 2024, the company generated SAR 298.84 million in net profit, lower by 34.29% than SAR 454.85 million a year earlier.

Revenues climbed by 4.43% to SAR 2.72 billion in the three-month period that ended on 30 June 2024 from SAR 2.61 billion in Q2-23.

Quarter-on-quarter (QoQ), the net profits in Q2-24 hiked by 25.03% from SAR 239.01 million in Q1-24, while the revenues grew by 24.90% from SAR 2.18 billion.

Samer Abdulaziz Al Hokail, CEO and President of Luberef, commented: "Despite challenging market conditions marked by elevated feedstock and freight costs, we have demonstrated resilience and adaptability."

"Our sales volumes have recovered strongly from the previous quarter’s Hydrocracker unit catalyst replacement, returning to normal levels," Al Hokail noted.

Dividends for Q2-24

The board of Luberef greenlighted cash dividends valued at SAR 605.71 million, representing 36% of the capital, for H1-24.

The company will distribute a dividend of SAR 3.60 per share for 168.25 million eligible shares.

Eligibility and payment dates for the dividends will be 1 and 15 October 2024, respectively.