Q4 2025 Saudi Aramco Base Oil Company - Luberef SJSC Earnings Call Transcript
Key Points
- Luberef successfully completed the largest turnaround in its history, enhancing equipment inspections across 900 assets.
- The company achieved a total recordable incident rate of zero for the sixth consecutive year, surpassing 43 million man-hours without a lost time injury.
- Luberef received ISO certification for its Occupational Health and Safety Management System and a Silver Award for Corporate Social Responsibility.
- The company secured feedstock allocation for its Jeddah Facility, reinforcing its position in the Group One base oil market.
- Luberef's transformation initiatives delivered over SAR 100 million in value, enhancing performance across production, logistics, and cost optimization.
- Base oil sales volumes declined by 15% compared to 2024 due to planned turnaround activities.
- Net income decreased by 12% from SAR 972 million in 2024 to SAR 855 million in 2025.
- Free cash flow was moderated due to elevated investments and higher capital spending.
- The company faced challenges in the procurement of major equipment, impacting project timelines.
- Byproduct margins were negative, with a crack margin of SAR 51 per metric ton in Q4 2025.
Hello everyone, I'm Saleh Alghamdi from the Investor relations department at Luberef. It is my pleasure to welcome you in today's audio webcast, where we will be discussing our performance for the year 2025. I'm also pleased to be joined today by our President and CEO Mr. Samer A. Al-Hokail and our Chief Financial Officer, Mr. Saud Kamakhi.
Our session will begin with a presentation highlighting Luberef's performance for the year 2025, followed by a QNA session. Please note this webcast is being recorded for future reference.
Before we dive into the presentation, I would like to draw your attention to our cautionary statements. During today's presentation, we may make forward-looking statements that refer to estimates, plans, and expectations. Actual results and outcomes may differ materially due to factors stated in this slide.
With that out of the way, I will now hand over the call to our CEO, Mr. Samer A. Al-Hokail.
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