Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) logged a 46.36% year-on-year (YoY) drop in net profit to SAR 239.01 million in the first quarter (Q1) of 2024 from SAR 445.67 million.

Revenues went up 21.59% YoY to SAR 2.18 billion in Q1-24 from SAR 1.79 billion, according to the interim financial results.

The earnings per share (EPS) reached SAR 1.42 in the three-month period that ended on 31 March 2024, down from SAR 2.65 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit decreased by 11.03% in Q1-24 from SAR 268.65 million in Q4-23, while the revenues shrank 13.62% from SAR 2.52 billion.

In 2023, Luberef recorded a 23.68% YoY surge in net profit to SAR 1.50 billion from SAR 1.97 billion.