Saudi Aramco Base Oil Company - Luberef announced its Annual financial results for 2022 with a revenue of SAR 10.6 billion and a net income of approximately SAR 2.0 billion. This increase is mainly driven by the improved base oil crack margins of 10% and increase in sales volumes by 6% compared to last year.

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2022 Annual Highlights:
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• Revenue of SAR 10,614 million in 2022 compared to SAR 8,847 million in 2021 driven by higher crack margins in base oils and by-products.

• EBITDA of SAR 2,511 million in 2022 compared to 2,096 million in 2021, an increase of 20% year over year.

• The Company recorded its highest net income in its history in 2022 with a net income of SAR 1,978 million compared to SAR 1,503 million in 2021.

• Gearing Ratio dropped significantly to 3% by end of 2022 from 17% in 2021, represent a strong financial position.