Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Aramco Base Oil Company (Luberef) jumped by 47.27% to SAR 445.67 million during the first quarter (Q1) of 2023, versus SAR 302.63 million in Q1-22.
The revenues plummeted by 34.44% to SAR 1.79 billion as of 31 March 2023, compared to SAR 2.74 billion in Q1-22.
Earnings per share (EPS) settled at SAR 2.65 in Q1-23, an annual rise from SAR 1.79, according to the interim financial results.
On a quarterly basis, the Q1-23 net profits after Zakat and tax plunged by 41.60% from SAR 763.19 million in Q4-22, while the revenues inched down by 0.67% from SAR 1.80 billion.
Meanwhile, Luberef is set to disburse cash dividends worth SAR 841.28 million for the second half (H2) of 2022 on 11 May 2023. The company’s net profits after Zakat and tax amounted to SAR 1.97 billion last year, up 31.65% from SAR 1.50 billion in 2021.
In February 2023, the Saudi firm inked a SAR 555 million agreement to expand the Yanbu facility's base oil production capacity.
