Logotype for Saudi Aramco Base Oil Company – Luberef

Saudi Aramco Base Oil (2223) investor relations material

Saudi Aramco Base Oil Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Saudi Aramco Base Oil Company – Luberef
Q2 2025 earnings summary4 Aug, 2025

Executive summary

  • Transformation and operational excellence led to over 40.1 million safe man-hours without LTI and 98.4% mechanical availability, supported by the successful implementation of the ICFR program.

  • Strategic focus on expanding domestic and regional market presence, including Africa, and strengthening local sales in line with national industrial goals.

  • Advanced Growth II project with SAR 221 million invested in H1 2025, including SAR 113 million for Growth II, the highest capital investment in five years.

  • Logistics performance improved through a fixed rate shipping agreement, reducing freight costs and exposure to market volatility.

  • Signed a cooperation agreement with Qaderoon to promote workforce inclusion for individuals with disabilities.

Financial highlights

  • H1 2025 net income was SAR 467 million, down 13% year-over-year, mainly due to lower byproduct margins and decreased base oil sales volume, despite higher base oil crack margins.

  • Revenue for H1 2025 was SAR 4,377 million, down from SAR 4,914 million year-over-year.

  • Free cash flow for H1 2025 was SAR 238 million, a 73% decrease from H1 2024, mainly due to working capital changes and increased capex.

  • EBITDA for H1 2025 was SAR 609 million, down 14% year-over-year; earnings per share were SAR 2.77, down 13%.

  • Base oil crack margin rose 6% year-over-year to SAR 1,828/MT, exceeding the ten-year average.

Outlook and guidance

  • 2025 base oil production guidance revised down to 1,050,000 MT from 1,200,000 due to unplanned and scheduled shutdowns.

  • Domestic market targeted to account for 30% of total base oil volume to reduce external market exposure.

  • Growth II project to enter construction-intensive phase in H2 2025, with production start expected January 2026.

  • CapEx for 2025 expected between SAR 250–350 million; sustaining capex at SAR 100–140 million, turnaround capex at SAR 170–190 million.

  • Yanbu turnaround scheduled for mid-November to December 2025.

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