Saudi Aramco Base Oil Company (Luberef) recorded net profits after Zakat and tax worth SAR 1.97 billion ($530 million) in 2022, a growth of 31.65 percent from 1.50 billion riyals in 2021.
Revenues stood at 10.61 billion riyals in the January-December 2022 period, up 19.98 percent year-on-year (YoY) from 8.84 billion riyals, according to the company‘s annual financial results.
The earnings per share (EPS) hiked to 11.72 riyals last year from 8.90 riyals in 2021.
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Profits increased due to higher margins for cracking base oils and by-products, as well as increased sales volumes, according to the company.
Revenues increased by 20 percent to approximately 10.61 billion riyals in 2022, up from 8.85 billion riyals in 2021.
According to the Luberef statement, the indebtedness ratio decreased 3 percent by the end of 2022, down from 17 percent in 2021, which reflects the strength and resilience of the company’s financial position.
Dividends for H2-22
The board of Luberef recommended cash dividends worth 841.28 million riyals, representing 50 percent of its capital, for the second half (H2) of 2022.
Under the board’s suggestion that was made on 16 February 2023, the Saudi firm would disburse 5 riyals per share for 168.25 million eligible shares.
On 28 December 2022, Luberef began the listing and trading of its shares on the Main Market of the Saudi Exchange (Tadawul).
The company addressed non-resident shareholders in Saudi Arabia, saying that the profits will be subject to withholding tax at a rate of 5 percent when transferred or deposited in their bank accounts, in accordance with the provisions of Article 68 of the Income Tax Law and Article 63 of its implementing regulations.
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