Luberef board OKs performance-linked dividend policy

Logo of Saudi Aramco Base Oil Co.’s (Luberef)

Saudi Aramco Base Oil Co.’s (Luberef) board of directors approved to adopt a performance-linked dividend policy at 60-80% of the company’s annual free cash flows, according to a statement to Tadawul.

Luberef will factor in the capital expenditure, and its ability to fund obligations including capital growth plans, the company’s financial position, contractual restrictions and other factors outlined in the company’s dividend policy.

Luberef intends to pay these performance-linked dividends on a semi-annual basis at the board's discretion.

This announcement is not a declaration or distribution of dividends, nor a guarantee of such distribution in the future, as any decision to do so will depend on the board’s sole discretion in accordance with applicable rules.