Saudi Aramco Base Oil Company — Luberef announced its 2024 annual financial results, reporting total revenue of approximately SAR 10 Billion and net income of approximately SAR 972 Million.

However, annual net income decreased by 36% compared to the same period of 2023 mainly due to decrease in base oils and by-products crack margins, despite the increase in sales volumes.

Comparing to the fourth quarter of 2023, net income decreased by 23%, due to decrease in base oils crack margins, despite the increase in base oils sales volumes and by-products crack margins.

Sequentially, net income decreased by 8% compared to Q3. The decrease was due to decrease in base oil crack margins, despite in the increase in base oil sales volume and by-products crack margins.

During 2024, the Company generated free Cash flow (FCF) of SAR 1,606 million, lower than 2023 by 24% mainly as a result of 23% decrease in cash from operations due to lower net income.