VASRO has published an update report on Saudi Aramco Base Oil Company - Luberef (Tadawul: 2223) following its results for the nine months to September, reported on 4 November 2026.
Net income rose 105% to SAR 1,528m, the highest interim net income in Luberef's history, on a base oil margin of SAR 2,931 a ton against SAR 1,884 a year earlier. Sales volumes fell 10% to 793 thousand tons as ships to Asia sailed round the Cape of Good Hope, while the plants ran at 99.3% mechanical availability.
The Growth II shutdown is now planned for the first half of 2027, and Aramco has approved Luberef's Group III for its aramcoULTRA brand.
On VASRO's count, at 1.25m tons a year Luberef's cash flow value is about today's share price, and its 1.31m tons through the cycle add about SAR 10 a share.
VASRO reiterates its BUY recommendation with a target price of SAR 126.00, down from SAR 158.00.
The full report is available here:
https://vasro.de/wp-content/uploads/2026/11/VASRO-GmbH_Update-Equity-Report_Luberef_EN_09112026.pdf
Research, not investment advice. Every report carries its full disclosures. Research disclosures
The post Saudi Aramco Base Oil Company - Luberef: Best Nine Months Yet, Earned Through the Disruption; Growth II Now in 2027 appeared first on VASRO GmbH.
