Amna Assem

Saudi Aramco Base Oils Co.-Luberef, the leading producer of base oils listed on the Saudi Stock Exchange, saw its net profit rise by 16.5% year-on-year during the first quarter of this year, supported by revenue growth resulting from higher prices and sales volumes of by-products, according to a company statement sent to the stock exchange on Sunday.

Luberef, founded in 1976, is 70% owned by Saudi oil giant Aramco. It has been listed on the Tadawul stock exchange since December 2022 and operates in the oil refining and lubricants sector, producing products used in automobiles and other industries.

The first quarter of the year witnessed the outbreak of the Iran war, which caused the closure of the Strait of Hormuz, through which a fifth of the world's oil passes, leading to a rise in oil prices amid fears of damage to supplies, and this was reflected in the industries related to it.

What are the details?

(According to the statement)

The company’s net profit attributable to shareholders reached approximately 258 million riyals ($68.8 million) during the first quarter of 2026, representing a 16.5% year-on-year growth, while the net profit growth rate reached 135% on a quarterly basis.

The company attributed the growth in its net profit for the first quarter of 2026 to higher margins in the by-products sector, despite lower sales volumes and margins in base oils.

Total revenues reached SAR 2.2 billion during the first quarter of 2026, with a year-on-year growth of 1.4%, while the company's revenues recorded a quarterly growth of 37.6%.

The revenue growth is attributed to higher prices and sales volumes of by-products, despite lower sales volumes and prices of base oils, according to the statement.

(Prepared by: Omnia Assem, Edited by: Shaimaa Hefzy, Contact: zawya.arabic@lseg.com)

#Economic News

To subscribe to our weekly report covering economic and political news developments, register here.