Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) posted 23.68% year-on-year (YoY) lower net profits at SAR 1.50 billion in 2023, compared to SAR 1.97 billion.
Luberef posted revenues amounting to SAR 9.48 billion as of 31 December 2023, down 10.60% from SAR 10.61 billion a year earlier, according to the income statements.
Meanwhile, the earnings per share (EPS) dropped to SAR 8.98 last year from SAR 11.72 in 2022.
As of 30 September 2023, the oil company registered SAR 1.24 billion in net profit, an annual rise from SAR 1.21 billion.
Dividends
The company’s board recommended cash dividends worth SAR 841.27 million for the second half (H2) of 2023.
Accordingly, the dividends proposal brings the full-year distributions to SAR 10 per share, which is nearly 80% of free cash flow.
Repayment of Loan Facility
The board members of Luberef approved an early repayment of part of its existing loans amounting to SAR 937.50 million. This aligns with the company’s objectives to boost financial efficiency, lower costs, and optimise the use of available cash.
