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SASE:2223

15 stories mentioning SASE:2223Updated 3d ago

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Equities

Luberef Price Objective Raised as BofA Notes Strong Base Oil Crack Spreads

BofA Global Research bumped up its price objective for Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, saying the company's risk-reward profile remains "attractive" on the back of strong base oil cracks amid persistent supply disruptions due to the Middle East conflict."Luberef continues to benefit from resilient base oil crack spreads, supported by ongoing Group III supply disruptions across the Gulf and elevated diesel margins, which have reduced base oil supply. While base oil prices have eased from July peaks, they remain around 80% above pre-crisis levels, resulting in crack spreads of 1.25x historical levels," according to a MENA Oil and Gas & Utilities report published Wednesday. "With refinery outages unlikely to be resolved before 2027, we expect elevated crack spreads to persist through 3Q26 and 4Q26, supporting strong earnings. Any prolonged disruption to regional refining operations or shipping routes would provide further upside to margins."Against this backdrop, the price objective was lifted to 166 Saudi riyals from 165 riyals, while the buy rating on the stock was reiterated. Analysts also made "minor" changes to their 2026 and 2027 EBITDA estimates for the company."Beyond the current margin cycle, Luberef is also positioned for structural growth through its expansion program. The commissioning of its Group III base oil facility in 1H27 should support a richer product mix and higher-value sales," BofA added.

SASE:2223
Sectors

Luberef Signs Feedstock, Return Streams Deal with Saudi Aramco

Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, entered into a successor feedstock and return streams supply agreement with Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, according to a Tuesday filing.The 10-year contract involves the feedstock supply of 24,500 barrels per day to base oil producer Luberef's Jeddah facility, and the sale of 16,500 barrels per day of return streams to oil giant Aramco. The parties adopted a new pricing formula for the agreement, with a payment term of 30 days.Luberef noted that the feedstock supply will support the annual production of 275,000 metric tons of Group I base oils at its Jeddah plant, which represents 20% of its overall annual production capacity of 1.5 million metric tons.

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Equities

Luberef Extends Jeddah Facility Land Lease with Saudi Aramco

Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, extended its land lease for the facility in Jeddah, Saudi Arabia, to Dec. 31, 2030.The lease renewal was part of the extended utilities sales agreement with Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, according to a Tuesday release.

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Equities

HSBC Trims Luberef PT, Maintains Buy Rating

HSBC on Friday decreased the price target for base oil producer Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, to 145 Saudi riyals from 150 riyals, while keeping its buy rating.

SASE:2223
Asia Markets

Tadawul Shares Soar on Sunday Amid Corporate Earnings Bonanza, US-Iran Deal Optimism

Saudi equities closed Sunday higher as a busy corporate earnings day, and the optimism regarding a potential return of peace talks between the US and Iran pushed the Tadawul All Share Index 1.10% in the green.Markets cheered as US President Donald Trump agreed to hold off its strikes against Iran to help complete a "rapid" deal to reopen the Strait of Hormuz and end the Middle Eastern nation's nuclear program.Back at home, corporate earnings season is in full swing as Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, Sumou Real Estate (SASE:4323), and Al-Razi Medical (SASE:9572) reported higher net profit and revenue for the first half of 2026."Over the past five decades, Luberef has built a strong track record of operational reliability, sustained profitability and resilience. This solid foundation has enabled the Company to achieve a historic milestone in the first half of 2026, delivering the highest interim net income of 992 million [Saudi riyals], supported by a record base oil crack margin of 2,732 [riyals] per metric ton," Luberef's Chief Executive Officer Samer Abdulaziz Al-Hokail said in a statement.Meanwhile, Jabal Omar Development (SASE:4250) logged a 69.562% decline in attributable profit in the six months ended June 30. Revenue, on the other hand, rose 16.397%.Luberef and Al-Razi Medical closed 1.34% and 0.50% lower, while Jabal Omar Development and Sumou Real Estate were 2.50% and 3.54% higher at closing, respectively.In other news, SAL Saudi Logistics Services Co. (SASE:4263) shares closed flat as it finalized its purchase of Aviapartner Liège. The acquisition is set to boost the logistics company's European footprint.

^TASISASE:2223SASE:4250SASE:4263SASE:4323SASE:9572
Equities

SNB Capital Downgrades Luberef to Neutral, Boosts PT

SNB Capital on Thursday upgraded base oil producer Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, to neutral from overweight and increased its price target to 140.10 Saudi riyals from 121.10 riyals.

SASE:2223
Research

HSBC Lifts Luberef's PT, Maintains Buy Rating

HSBC on Thursday increased the price target for base oil producer Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, to 150 Saudi riyals from 145 riyals and reiterated its buy rating.

SASE:2223
Equities

BSF Capital Raises Luberef PT, Keeps Hold Rating

BSF Capital on Monday raised its rating for base oil producer Saudi Aramco Base Oil Co (SASE:2223), d/b/a Luberef, to 124 Saudi riyals from 115 riyals, with an unchanged hold rating.

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Research

Citi Affirms Luberef's Rating at Buy, Raises PT

Citi on Wednesday increased the price target for base oil producer Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, to 146 Saudi riyals from 130 riyals, while maintaining its buy rating.

SASE:2223
Equities

Luberef Chairman Resigns; Aramco Executive to Succeed

Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, said Sunday that Chairman Ibrahim Al-Buainain stepped down, effective May 21, due to personal reasons.The Tadawul-listed base oil producer will appoint Yasser Mufti as chairman to complete the current board's term, which ends on Aug. 14, 2027, subject to the general assembly's approval. Mufti serves as the executive vice president of products and customers at Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco.

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Equities

HSBC Boosts Luberef's PT, Maintains Buy Rating

HSBC on Wednesday increased the price target for base oil producer Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, to 145.00 Saudi riyals from 118.00 riyals and affirmed its buy rating.

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Asia Markets

Tadawul Shares Start Week Higher; Saudi Arabia's March Industrial Production Declines

The Tadawul All Share Index started the week 0.76% higher as investors assessed Saudi Arabia's latest economic data and earnings reports.Official preliminary data from Saudi Arabia's General Authority for Statistics showed that the industrial production index dropped 14.1% year over year in March. Month over month, industrial production fell 22.3%."The index of oil activities decreased by 20.0% in March 2026 compared to the same month of the previous year, while the index of non-oil activities remained stable at a level close to its performance in the same period of the previous year. The results also indicated that the index of oil activities decreased by 30.8% while the index of non-oil activities increased by 1.4% compared to February 2026," the statistics agency said in its report.Speaking of economic releases, the local calendar will see the release of the kingdom's inflation and wholesale prices data for April on Thursday.In other news, investors are focusing on the latest updates regarding the operations of the Strait of Hormuz and the Middle Eastern conflict. Reuters reported that the US is waiting for Iran's response regarding its proposal to end the war.Back at home, a slew of earnings dominated headlines as several companies published their first-quarter financial statements. The bourse's biggest company, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, ticked up 0.81% as it posted a 25.553% increase in net profit and a 6.766% climb in revenue.Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, also posted higher attributable profit and revenue in the March quarter. Acwa Power (SASE:2082), however, reported a decline in its profit for the three months ended March 31.Acwa Power closed 1.65% higher, while Luberef shares closed 0.17% lower.

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Equities

Luberef's Net Profit, Revenue Rise in Q1

Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, said Sunday that net profit and revenue for the first quarter of 2026 increased year over year.Net profit attributable to shareholders of the issuer for the three months ended March 31 was 258 million Saudi riyals, compared with 221.5 million riyals earlier. EPS moved to 1.53 riyals from 1.32 riyals.The Tadawul-listed base oil producer's revenue was 2.16 billion riyals, compared with 2.13 billion riyals a year ago.

SASE:2223
Research

Citi Lifts Luberef PT, Maitnains Buy Rating

Citi on Wednesday increased its price target for base oil producer Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, to 130 Saudi riyals from 125 riyals, while maintaining its buy rating.

SASE:2223
Research

BSF Capital Downgrades Luberef to Hold, Lifts PT

BSF Capital on Thursday downgraded base oil producer Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, to hold from buy and raised its price target to 115.00 Saudi riyals from 107.00 riyals.

SASE:2223

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