Saudi Aramco Base Oil Company – Luberef is a 2% rise in net profit to SAR 1.24 billion in the first nine months of 2023, compared to SAR 1.21 billion in the prior year period.  

The third-quarter net profit dropped 28% to SAR 340.4 million from SAR 474.79 million in Q3 2022 on lower base oil crack margins despite higher sales.   Luberef’s bottom line dropped 25.2% quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins.   Total shareholders’ equity, no minority interest, increased to SAR 4.64 billion as of Sept. 30, 2023, from SAR 4.35 billion in the year-earlier period.