Saudi Aramco (TADAWUL:2222) Base Oil Company (Luberef (TADAWUL:2223)) announced, through a statement on the Saudi Stock Exchange (Tadawul) platform, today, Tuesday, a decline in its net financial profits in 2023, as the company recorded a net profit of about 1.509 billion riyals, compared to recording a net profit of 1.978 billion riyals in the previous year, meaning that its annual net profits decreased by 23.68%.
According to the company's statement on the Saudi Stock Exchange website, Luberef said that earnings per share fell from 11.72 riyals recorded in 2022 to 8.98 Saudi riyals last year. However, sales volume decreased by 10.6% year-on-year, and sales recorded about 9.488 billion riyals last year.
Accordingly, Saudi Aramco Base Oil Company explained that the reason for the decline in its net profit in 2023 is attributed to the decline in cracking margins for base oils and by-products, despite the increase in sales volumes for base oils.
In terms of trading on the Saudi Stock Exchange today, Tuesday, the share of Aramco Base Oil Company Luberef (TADAWUL:2223) recorded a decrease of 2.92% and the share price reached 161.00 Saudi riyals.
