SOLUTIONS BY STC-

Arabian Internet and Communications Services Company (Solutions by stc) saw its net income grow 34% y-o-y in 2024 at SAR 1.6 bn, driven by higher gross income and lower operating expenses, according to a disclosure to Tadawul. Meanwhile, the company recorded 9.3% y-o-y growth in revenues during the year to SAR 12.1 bn, buoyed by better performance across IT Managed and Operational Services (up 21%), Digital Services (up 8.1%), and Core ICT Services (up 3.2%).

ALSO- The company’s board recommended distributing SAR 1.2 bn in dividends for 2024 at SAR 10 per share, it said in a separate disclosure to Tadawul. This includes SAR 952 mn in ordinary dividends (SAR 0.8 apiece) and SAR 238 mn in special dividends (SAR 2 apiece).

LUBEREF-

SaudiAramco Base Oilcompany’s (Luberef) net income droped 36% y-o-y in 2024 to SAR 972 mn, as base oils and by-products crack margins decreased, it said in an earnings release (pdf). Meanwhile, Revenues were up 5.8% y-o-y during the same period to SAR 10 bn, buoyed by higher sales volumes.

ALSO-The company’s board greenlit the distribution of SAR 518.2 mn in dividends for 2H 2024 at SAR 3.08 apiece, with the distribution date and eligibility criteria to be decided at the next company shareholders meeting, it said in a disclosure to Tadawul.

Looking ahead: Luberef will focus on the development of the Yanbu Growth II project, aiming to become the only regional producer of all three base oil groups and expand Yanbu’s total production capacity to 1.3 mn tn per year by the end of 2025. “The project is the cornerstone of our expansion strategy,” President and CEO Samer Al-Hokail said.

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