Focused leadership, sustainable growth, and lasting vision.
| Metric | SAR million |
|---|---|
| Revenue | 8,103 |
| Net Income | 855 |
Dear Shareholders,
2025 has been a year that once again confirmed the strength of Luberef’s strategy, people, and governance. Despite a complex operating environment marked by geopolitical tensions and changing global energy dynamics, Luberef delivered steady results and continued to build for the future.
The Board remains focused on maintaining the highest standards of safety, reliability, and asset integrity while supporting the company’s growth and value creation. Through active engagement and strategic oversight, we ensure Luberef is dedicated, financially strong, and consistent with Saudi Arabia’s industrial vision.
Luberef’s strategic direction is straightforward. We aim to consolidate our position as a leading base oil producer in the region, grow into a higher-value product portfolio, and support the development of a competitive lubricant ecosystem in the Kingdom and internationally. These priorities are designed to create long-term value for our shareholders and to contribute meaningfully to Saudi Vision 2030.
Performance in a Dynamic Market
In 2025, the global base oil market presented both challenges and opportunities, influenced by different macroeconomic and geopolitical developments across the broader oil and gas landscape. Through a measured and agile approach, Luberef navigated these conditions effectively, maintaining stable performance and demonstrating the resilience of its business model. Luberef maintains a clear competitive advantage, allowing it to capture value and deliver consistent results across changing market conditions.
Strong Oversight and Effective Engagement
The Board’s oversight in 2025 centered on the disciplined execution of the Company’s strategic initiatives, most notably the Growth II expansion project, which is entering a high intensity construction phase. This milestone will establish Luberef as the region’s only producer capable of supplying the full spectrum of base oil groups, reinforcing its status as a leading force in the high-performance lubricant market.
Our commitment to clear communication and effective investor engagement was also recognized externally through the Tadawul Award for Best Investor Relations Program (Mid-Cap), reflecting Luberef’s ongoing efforts to maintain strong governance standards and transparent dialogue with the market.
Sustaining Returns and Strategic Growth
In line with our dividend policy, the Company distributed in 2025 SAR 4.08 per share while maintaining a robust balance sheet, a gearing ratio of –10%, and a strong cash position.
As we look ahead, the Board remains focused on maintaining a balanced financial approach that supports shareholder value while enabling future growth. We aim to deliver reliable returns to investors while preserving the financial flexibility to pursue strategic projects that strengthen Luberef’s long-term competitiveness.
Safety, Sustainability, and Responsible Operations
Safety, reliability, and sustainability remain integral to Luberef’s culture and its license to operate. In 2025, the Company continued to uphold world-class standards across all facilities, reflecting a strong safety culture, disciplined asset management, and a deep commitment to responsible operations. These principles guide how we create value, strengthen stakeholder trust, and contribute to the Kingdom’s long-term industrial and environmental goals.
Acknowledgements and Outlook
On behalf of the Board, I thank our management team and employees for their dedication, especially in completing the largest turnaround in Luberef’s history, which showcased strong teamwork and commitment.
We are deeply appreciative of the continued trust and support of our shareholders, partners, and government stakeholders as we move confidently into the next phase of growth.
Looking forward, Luberef enters 2026 from a position of strength. With a clear strategy, robust governance, and strong financial foundations, we are well placed to complete our next phase of growth and continue contributing to the Kingdom’s industrial transformation and long-term economic development.