The company said in a statement that net profit was 446 million riyals (about $118.92 million) for the first quarter, compared to 303 million riyals in the same quarter a year ago, an increase by 47%.
The company, which listed 30% of its shares in an initial public offering in December, posted revenue of about 1.8 billion riyals, down about a third from the first quarter of 2022.
Luberev said the profit increase “is supported by the increase in base oil selling prices of 6% and the decline in raw material prices of 46% compared to the same quarter of the previous year”.
“This positive impact was partially offset by a decline in sales volumes of 14% compared to the same quarter of the previous year,” the statement added.
Luprev shares were down 0.7% at 0748 GMT, at 114.4 riyals. It traded above the IPO price of 99 riyals per share.
Founded in 1976 in Jeddah as a joint venture between Petromin and Mobil, Luberef is today recognized as a leader in the base oil sector. Today, Saudi Aramco Base Oils Company – Luprev has changed from a limited liability company to a joint-stock company listed on the main market, Tadawul.
Read the Latest World News Today on The Eastern Herald.
