Riyadh - Mubasher: The results of Saudi Aramco Base Oil Company (Luberef) for the year 2024 revealed a 35.61% decline in net profits compared to the company’s profits in 2023.

According to the company's data on "Tadawul" today, Monday, net profit decreased to 972.03 million riyals last year, compared to 1.51 billion riyals the previous year.

The company explained that the decline in net profits is due to the decrease in margins for cracking base oils and by-products, despite the increase in sales volumes of base oils.

Total sales/revenues increased to SAR 10.04 billion in 2024, compared to SAR 9.49 billion in 2023, an increase of 5.77%.

The company attributed the increase in revenues to higher sales volumes of base oils and by-products, and higher prices of by-products, despite lower prices of base oils.