Saudi Aramco Base Oil, also known as Luberef, saw profit fall in the second quarter of the year as sales dipped in the face of lower base oils prices.The refiner’s operating profit of 480.65mn Saudi Riyals ($128.2mn) in the three months to end-June fell by 10pc from SAR536.6mn during the same period a year earlier.Profit slipped on the back of a 25pc fall in sales in the second quarter.Lower sales coincided with a 20pc fall in Asia Group II base oils prices in the second quarter from year-earlier levels.Feedstock prices fell even more steeply during that period. A 29pc fall in Luberef’s costs in the second quarter reflected that trend.With costs falling more than sales, Luberef’s operating profit margin of 19.1pc in the second quarter rose from 16.1pc during the same period a year earlier..Saudi Arabia’s Yanbu/Jeddah June exports rise
Saudi Aramco Base Oil, also known as Luberef, saw profit fall in the second quarter of the year as sales dipped in the face of lower base oils prices.The refiner’s operating profit of 480.65mn Saudi Riyals ($128.2mn) in the three months to end-June fell by 10pc from SAR536.6mn during the same period a year earlier.Profit slipped on the back of a 25pc fall in sales in the second quarter.Lower sales coincided with a 20pc fall in Asia Group II base oils prices in the second quarter from year-earlier levels.Feedstock prices fell even more steeply during that period. A 29pc fall in Luberef’s costs in the second quarter reflected that trend.With costs falling more than sales, Luberef’s operating profit margin of 19.1pc in the second quarter rose from 16.1pc during the same period a year earlier..Saudi Arabia’s Yanbu/Jeddah June exports rise