Saudi Aramco Base Oil Co. (Luberef) released its annual report for 2023, highlighting the company’s milestones and operational achievements.
According to the annual report, Luberef recorded a net income of SAR 1.51 billion in 2023, the second-highest profit on record.
Commenting on the release of the annual report, Ibrahim Al Buainain, Luberef’s Board Chairman, said: “In our 2023 annual report, we have demonstrated the company’s high resilience and our commitment to maximizing value for our shareholders, balancing long-term growth and returns through sustainable dividend distributions.”
Al Buainain added that Luberef achieved the highest level of free cash flows in its 46-year history, underlining that this accomplishment is a testament to the company’s strengths and strategic focus.
Samer Al-Hokail, President and CEO of Luberef, stated that the annual report represents an opportunity to clarify the company’s efforts and focus on operational excellence, particularly in a year marked by geopolitical tensions and commodity price volatility.
He highlighted the company’s record-breaking figures in base oil production and sales volume, as well as its ability to reduce the cost of the base oil production unit and improve the Group II base oils.
Meanwhile, Mustafa Al Saleh, Public Relations Manager at Argaam, said that Argaam diligently worked to present all the relevant facts about the company to investors and shareholders through Luberef’s 2023 annual report.
The report was prepared according to the highest standards, adhering to the relevant regulations issued by regulatory authorities in the Kingdom.