Saudi Aramco Base Oil Company (Luberef) achieved an increase of 31.65% in annual profits for the year 2022, to reach 1.98 billion riyals, after zakat and tax, compared to 1.50 billion riyals in 2021.
According to Arabiya.net, Luberef described in a statement those profits as the highest in its history, and the company attributed them to higher margins for cracking base oils and by-products, in addition to increasing sales volumes.
Revenues increased by 20% to about 10.61 billion riyals in 2022, compared to 8.85 billion riyals in 2021.
The indebtedness ratio decreased to 3% by the end of 2022, compared to 17% in 2021, which confirms the strength and strength of the company's financial position, according to Luberev's statement.
Distribution of 50% cash dividends for the second half of 2022
Luberef has announced the Board of Directors’ recommendation to distribute cash dividends to shareholders for the second half of the year 2022, with a total of about 841.29 million riyals, for a number of dividend-bearing shares of about 168.26 million shares.
The share of the share from the distribution is 5 riyals per share, with a distribution ratio to the nominal share value of 50%.
The eligibility date will be at the end of the trading day of the company’s general assembly, which will be determined later, for the shareholders registered in the company’s shareholder register at the Depository Center at the end of the second trading day following the date of the assembly. The distribution date will be announced later.
The financial results of Saudi Aramco Base Oils Company - Luprev showed that its net profits increased by 31.65% in 2022, to about 1.98 billion riyals, after zakat and tax, compared to about 1.50 billion riyals in 2021.
