Revenue
| Year | SAR million |
|---|---|
| 8,847 | |
| 10,614 | |
| 9,489 | |
| 10,036 | |
| 8,103 |
Net profit for the year
| Year | SAR million |
|---|---|
| 1,503 | |
| 1,978 | |
| 1,510 | |
| 972 | |
| 855 |
Net cash from operating activities
| Year | SAR million |
|---|---|
| 1,816 | |
| 2,017 | |
| 2,322 | |
| 1,808 | |
| 1,518 |
02 / Strategy
Financial Performance
2025 / YEAR IN CONTEXTThe story behind
The story behind
the numbers.
Operational milestones, sales and margins, and financial performance.
Major Turnaround Execution
In 2025, Luberef successfully completed the largest planned turnaround in its history, marking a major operational milestone. Conducted safely, the turnaround enhanced asset reliability, efficiency, and readiness for the upcoming Growth II commissioning phase.
Read the operational and safety reviewSales, Production, and Margins
During 2025, base oil sales volumes reached 1,102 thousand metric tons, a 15 percent decrease year-on-year, largely attributable to the planned turnaround executed to ensure long-term asset integrity, operational reliability, and adherence to the highest global safety standards. While volumes were temporarily impacted, this intervention was essential to safeguarding sustainable operations over the long term.
Base-oil crack margins averaged SAR 1,911 per ton, representing a 12 percent year-on-year increase, supported by lower feedstock prices and effective commercial optimization. This improvement in margins partially offset the impact of reduced sales volumes and reflects Luberef’s ability to adapt to changing market conditions.
- 2024
- 1,295
- 2025
- 1,102
Luberef own products only.
- 2024
- 1,703
- 2025
- 1,911
2024 and 2025 · Same scale within each indicator; sales and margins use different units.
Read the CFO’s explanation of sales and marginsFinancial Performance Overview
In 2025, Luberef generated total revenue of SAR 8.1 billion, compared to SAR 10.0 billion in the prior year. Net income for the year amounted to SAR 855 million, representing a 12 percent year-on-year decrease, primarily driven by lower sales volumes following the planned turnaround, partially offset by improved base oil crack margins and continued cost discipline.
Operating cash flow for the year amounted to SAR 1.5 billion, reflecting a 16 percent decrease year-on-year, primarily due to lower earnings and working capital movements associated with the turnaround and market volatility.
- 2024
- 10,036
- 2025
- 8,103
- 2024
- 972
- 2025
- 855
- 2024
- 1,808
- 2025
- 1,518
2024 and 2025 · SAR million · All three indicators use the same scale.
Read the CFO’s statement2021–2025
Explore all indicators Financial performance
All three charts use the same scale · SAR million
Luberef’s financial performance in 2025 reflects the impact of planned operational activity alongside resilient underlying fundamentals. During the year, base oil sales volumes declined in line with lower production resulting from the planned turnaround, while revenue amounted to SAR 8.1 billion, compared to SAR 10.0 billion in the prior year.
Profitability was affected by lower sales volumes and reduced by-product contribution. EBITDA amounted to SAR 1.1 billion, while net income reached SAR 855 million. These impacts were partially mitigated by improved base oil crack margins, supported by lower feedstock prices and effective commercial optimization.
Operating cash flow remained robust at SAR 1.5 billion, reflecting disciplined working capital management. Free cash flow amounted to SAR 1.1 billion, while the Company maintained a solid financial position, supported by prudent liquidity management and continued investment in strategic growth initiatives.
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| Description | % Change | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | (19%) | 8,103 | 10,036 | 9,489 | 10,614 | 8,847 |
| Cost of Sales | (20%) | (6,925) | (8,700) | (7,630) | (8,180)¹ | (6,805) |
| Gross Profit | (12%) | 1,179 | 1,336 | 1,858 | 2,434¹ | 2,042 |
| Operating Profit | (11%) | 890 | 1,001 | 1,590 | 2,171 | 1,756 |
| Net Profit for the Year | (12%) | 855 | 972 | 1,510 | 1,978 | 1,503 |
| Total Comprehensive Income | (11%) | 871 | 976 | 1,460 | 2,021 | 1,471 |
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| Description | % Change | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Assets | (12%) | 2,504 | 2,836 | 3,885 | 3,695 | 3,108 |
| Non-Current Assets | 4% | 5,103 | 4,903 | 4,971 | 4,950 | 5,256 |
| Total Assets | (2%) | 7,606 | 7,739 | 8,856 | 8,645 | 8,364 |
| Total Equity | 4% | 4,582 | 4,397 | 4,869 | 5,083 | 4,245 |
| Current Liabilities | (8%) | 1,842 | 2,011 | 1,701 | 1,216 | 1,494 |
| Non-Current Liabilities | (11%) | 1,182 | 1,331 | 2,286 | 2,346 | 2,626 |
| Total Liabilities | (10%) | 3,024 | 3,342 | 3,988 | 3,562 | 4,120 |
| Total Equity and Liabilities | (2%) | 7,606 | 7,739 | 8,856 | 8,645 | 8,364 |
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| Description | % Change | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Profit before Zakat and Income Tax | (12%) | 874 | 988 | 1,579 | 2,132 | 1,691 |
| Cash Generated from Operations | (15%) | 1,517 | 1,793 | 2,334 | 2,255 | 1,845 |
| Net Cash from Operating Activities | (16%) | 1,518 | 1,808 | 2,322 | 2,017 | 1,816 |
| Net Cash from Investing Activities | (139%) | (378) | 977 | (1,691) | (49) | (222) |
| Net Cash from Financing Activities | 66% | (887) | (2,596) | (1,997) | (1,405) | (916) |
| Net Increase / (Decrease) in Cash | 33% | 252 | 189 | (1,366) | 563 | 677 |
| Cash at Reporting Date | 34% | 987 | 735 | 546 | 1,912 | 1,350 |
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| Description | % Change | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Net Profit before OCI | (12%) | 855 | 972 | 1,510 | 1,978 | 1,503 |
| Dividends Paid | (53%) | 686 | 1,447 | 1,683 | 1,264 | 1,023 |
1 Restated.
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| Item | Original Loan Amount | Beginning Balance | Additions During the Year | Repayments During the Year | Non-cash Additions During the Year | Ending Balance | Period of the Loans (Years) |
|---|---|---|---|---|---|---|---|
| Long Term | 2,250,000 | 901,509 | - | (169,441) | 53,103 | 785,171 | 9 |
| Finance Lease | N/A | 169,316 | 16,892 | (31,379) | 9,063 | 163,892 | N/A |
| Total | 2,250,000 | 1,070,825 | 16,892 | (200,820) | 62,166 | 949,063 |
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| Lending Party | SAR thousand | % |
|---|---|---|
| Banks | 785,171 | 83% |
| Financial Leases | 163,892 | 17% |
| Total | 949,063 | 100% |
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| Item | 2025 Paid | 2025 Outstanding |
|---|---|---|
| Zakat | 25,788 | 24,652 |
| Others | 51,555 | 4,055 |
| Total | 77,343 | 28,707 |
Others includes, but is not limited to, GOSI, VAT, customs duties, withholding tax, labor office fees, and visa and passport costs.
During this year, KPMG Professional Services Company is appointed as the Company’s External Auditor with a fee of (SAR 600,000) for the annual financial statements and (SAR 110,000) per quarter for quarterly reviews.
Current Assets
Current assets declined from SAR 2,836 million to SAR 2,504 million, representing a 12% decrease. The movement primarily reflects working-capital changes associated with the planned turnaround, which temporarily reduced sales activity and, in turn, lowered accounts receivable and inventory levels.
Non-Current Assets
Non-current assets increased by 4%. The uplift primarily reflects ongoing capital expenditure related to the Growth II project and scheduled turnaround activities, including the replacement of catalyst.
Current Liabilities
Current liabilities decreased by 8% driven by lower trade payables and accruals following reduced feedstock prices and lower operating activity due to planned turnaround.
Non-Current Liabilities
Non-current liabilities decreased by 11% primarily due to scheduled repayments of long-term borrowings.
Free Cash Flow (FCF)
Free cash flow decreased from SAR 1,606 million to SAR 1,073 million, due to a decrease in the cash from operations mainly reflecting higher cash outflows related to Growth II capital expenditure and scheduled turnaround expenses.
Net Free Cash Flow from Financing Activities
Net free cash flow from financing activities decreased by SAR 1,709 million compared to 2024, from SAR 2,596 Mn to SAR 887 million. This occurred due to voluntary early repayment of the long term loan in 2024 and higher dividends paid.
Revenue
In 2025, Luberef recorded revenue of SAR 8.1 billion, compared to SAR 10.0 billion in 2024. The decline was primarily driven by lower base oil and by-product sales volumes resulting from planned turnaround activities and shutdowns. This impact was partially offset by a strategic focus on maximizing higher-margin local sales, which helped improve overall netbacks.
Operating Profit
In 2025, Luberef recorded an operating profit of SAR 890 million, compared to SAR 1,001 million in 2024. The change was mainly driven by lower sales volumes and softer by-product contribution, partially offset by stronger base oil crack margins and cost optimization and discipline.
ROACE
In 2025, Luberef’s ROACE was 21%, compared to 22% in 2024. ROACE remained supported by the quality and efficiency of the asset base.
Gearing
As of December 31, 2025, Luberef’s gearing ratio stood at -10%, compared to -3% in 2024. The improvement reflects continued debt repayments and a strong liquidity position, supported by disciplined cash management.