The Clap
The net profit of Saudi Aramco Base Oil (Luberef), one of the world’s largest producers of base oils, decreased by 28.3% year-on-year in the third quarter of this year.
What
Luberef attributed the decrease in its quarterly earnings to a decline in base oil cracking margins, despite an increase in sales volume.
So What
The company’s revenues declined by approximately 6.3% year-on-year in the third quarter.
Now What
Luberef’s net profit for the first nine months of the current year increased to SAR 1.24 billion. This is compared to SAR 1.21 billion during the same period in the previous year.
