Luberef’s net profit increases 22% in H1 2023

July 30th, 2023

Luberef announces increase in the net profit by 22% to SR901 million in the first half of 2023 compared with SR740.10 million in the same period last year.

Luberef revealed that the rise in profit was due to the lower zakat and income tax expenses, as Luberef is subject to pay only zakat after its listing, in addition to an increase in base oil crack margins despite lower base oil volumes sold
Luberef revealed that its board of directors approved implementing a performance-linked dividend policy that targets the distribution of 60 % to 80 % of the company’s annual free cash flow, after accounting for capital expenditures, its ability to fund its commitments including growth capital plans, the Company’s financial position, contractual restrictions and other factors outlined in the Company’s Dividends Policy.