Saudi Aramco Base Oil Company - Luberef announced its 2023 annual financial results, reporting total revenue of approximately SAR 9.5 billion and net income of approximately SAR 1.5 billion. However, annual net income decreased by 24% compared to the same period in 2022 due to a decline in base oil and by-product crack margins.
 
The revenue for the fourth quarter this year is around SAR 2.5 Billion and the net income is approximately SAR 269 Million. The 65% decrease in net income compared to Last year is primarily caused by 37% lower base oil crack margins compared to the same quarter last year. Additionally, the net income of the fourth quarter of 2022 was higher due to the conversion from tax to zakat post-listing.
 
During 2023, the Company generated SAR 2,108 million in free cash flow, representing a 7% increase compared to the previous year. This increase is primarily attributed to improvements in working capital management.