Earnings call transcript: Saudi Aramco Base Oil Q2 2025 results hit

Saudi Aramco Base Oil Company JSC, known for its robust presence in the oil industry, reported its earnings for Q2 2025. According to InvestingPro analysis, the company currently appears overvalued based on its Fair Value assessment. Despite a challenging environment, the company maintained a steady performance, with its stock price showing a slight decline of 0.21%, though it has demonstrated strong momentum with a 52.17% return over the past six months. The company reported a decline in revenue for the first half of 2025 due to lower sales volumes, but improvements in base oil margins and strategic initiatives were highlighted.

Key Takeaways

• Revenue for H1 2025 declined due to lower sales volumes.
• Base oil crack margins increased by 6%.
• The company revised its base oil production guidance downward.
• Growth Two project is on track to start production in January.
• Strong safety record with zero reportable incidents.

Company Performance

Saudi Aramco Base Oil faced a decrease in revenue for the first half of 2025, primarily due to reduced sales volumes of base oil and byproducts. InvestingPro data shows a 9.34% revenue decline over the last twelve months, though the company maintains a robust gross profit margin of 66.8%. Despite this, the company managed to increase its base oil crack margins by 6% to 1,828 rials per metric ton, operating with a healthy current ratio of 3.61 and moderate debt levels. The company is focusing on expanding its downstream footprint and preparing for Saudi Vision 2023, positioning itself to enter the Group 3 base oil market.

Financial Highlights

• Revenue: Declined in H1 2025 due to lower sales volumes.
• Cash Balance: Increased from $1,200 million to $1,815 million.
• Net Income: Dropped by 13% compared to the previous year.
• Dividends: 70% of cash dividends returned to shareholders.

Outlook & Guidance

The company revised its base oil production guidance from 1.2 million to 1.05 million metric tons. The Growth Two project is progressing well, with production expected to start in January 2026. InvestingPro Tips indicate that analysts anticipate a sales decline in the current year, though the company is expected to remain profitable. Subscribers can access 6 additional exclusive ProTips and comprehensive financial analysis through the Pro Research Report. Capital expenditure for 2026 is estimated between 100 and 120 million Saudi riyals.

Executive Commentary

CEO Samir Hagar stated, "We are well prepared to meet this demand by providing base oils and specialty lubricants." CFO Surod Kamahi emphasized the company’s robust balance sheet and financial flexibility. A company spokesperson highlighted, "We don’t compromise safety when it comes to our operations."

Risks and Challenges

• Geopolitical challenges in the region could impact operations.
• Lower sales volumes may continue to affect revenue.
• Unplanned shutdowns at Jeddah and Yamba facilities could pose operational risks.
• Navigating the competitive landscape in the oil industry remains crucial.

Despite facing several challenges, Saudi Aramco Base Oil is strategically positioned for future growth, leveraging its strong safety record and operational efficiencies to navigate the evolving market landscape. For deeper insights into the company’s financial health, valuation metrics, and expert analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 top stocks with actionable intelligence for smarter investing decisions.

Full transcript - Saudi Aramco Base Oil Company JSC (2223) Q2 2025:

Farah Al Ghandhi, Investor Relations, LubriF: Hello, everyone. I am Farah Al Ghandhi from the Investor Relations department at LubriF. It is my pleasure to welcome you all to today’s audio webcast where we will be discussing our performance for the 2025. I’m also pleased to be joined today by our Chief Executive Officer, Mr. Samir Hagar and our Chief Financial Officer, Mr.

Surod Kamahi. Our session will begin with a presentation highlighting LubriF’s H1 twenty twenty five performance, followed by a Q and A session. Please note this webcast is being recorded for future reference. Before we dive into the presentation, would like to draw your attention to our cautionary statement. During this 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. Samra Lagel.

Samir Hagar, Chief Executive Officer, LubriF: Thank you, Saleh, and good day, everyone. Welcome to LubriF’s earning call for the 2025. This quarter, we implemented several transformation initiatives, maintained focus on growth two project and strategically positioned Lubroof to capitalize on future opportunities. We are proud to share that our continued commitment to safety and operational excellence has delivered an outstanding results. We recorded a total of 40,100,000 man hours without lost time injury, zero total recordable incident rate and achieved a mechanical availability of 98.4 year to date.

In parallel, we continue to strengthen our internal capabilities. A key milestone this quarter was a successful implementation of the internal control over financial reporting, ICFR program. This accomplishment reflects strong cross functional collaboration and leadership commitment With robust monitoring controls now in place, the program enhances our governance and compliance framework. As previously guided, HVGO supply was successfully resumed in Q2 after overcoming the majority of the technical challenges. As the Vale will enter immediate stream, HVGO contributes significantly to the base oil production efficiency.

Looking ahead, we plan to sustain HPGO supply while actively assessing other intermediate streams that can further maximize refinery utilization and support overall operational performance. As part of our broader transformation, we strengthened our place in the domestic market and continued to expand our downstream footprint. We implemented an approach to prioritize local demand and enhance sales within the kingdom, reinforcing our commitment to long term sustainable growth. We are also closely monitoring positive developments in the LoopHub initiative with growing investor interest and visible progress across the platform. These efforts further strengthen LubeRiff’s role in advancing the kingdom’s industry and mobility sector.

The upcoming wave of Saudi Arabia mega projects represents a transformative opportunity, driving demand for advanced infrastructure and mobility solutions. LubriF is well prepared to meet this demand by providing the base oils and specialty lubricants extensions to support the kingdom’s economic and industrial development under vision 23, where it plays a vital and enabling role. These strategic efforts have also allowed us to place greater focus on the domestic markets where we introduced targeted incentives to drive local sales. Our logistics performance remained strong this quarter supported by proactive risk management and diversified contracting approach. Despite unknown geopolitical challenges in this region, we maintain smooth and reliable operations.

A fixed rate shipping agreement was signed during this period, contributing to a reduction in freight cost quarter over quarter. This helped us normalize logistical costs and reduce exposure to market volatility. This stability not only ensures uninterrupted supply to our customers and support market demand, but also enable us to place greater focus in the domestic market. Lubro’s growth strategy extends beyond our current endeavor in Yamba. While the expansion in Yamba marks our entry into the group three base oil market, we are also laying the groundworks for an even more advanced initiative, our perspective of group three plus.

We are in the early stages of evaluating this idea, and more information will follow suit in a couple of months. Growth two projects continue to move forward this quarter with the progress across key work streams as we worked through earlier procurement related delays As typical with projects of this scale, we encountered material delivery challenges that temporarily impacted the timeline. In response, our team are implementing recovery plans aimed in minimizing disruption and supporting alignment with the upcoming milestone. While movement during the procurement phase was slower than initially planned, progress is being made. With procurement initiatives now nearing completion, we expect the pace to increase and the project transition into a more construction intensive phase in the second half of the year.

Our CapEx reflects continued progress on the Growth two project with a total spending reaching 113,000,000 Saudi riyadh as the 2025. This figure is expected to rise further as we move into the more constructive intensive phase in the coming quarter. Our full year complex plan remains firmly on track, maintaining our forecasted spending range between 250 and 350,000,000 rials for 2025. The upcoming turnaround is a key focus area, and preparations are underway to ensure seamless coordination with the mechanical completion of growth too, reinforcing our commitment to safe and high quality execution while progressing towards project completion. Base oil crack margins in the 2025 was 1,828 rials per metric ton, representing a 6% increase compared to the crack margins recorded in 2024, notably exceeding our ten year historic average.

Looking ahead, our growth and new future initiatives remain a priority. With a solid operational foundation, a clean road map, and a strong momentum across key markets, Lubriv is well placed to continue enabling industry growth both within the kingdom and globally. We remain motivated to creating long term value for our shareholders through consistent execution and focused leadership. With that, I’ll now hand it over to our CFO, mister Surud Khumaji, who will walk you through the financial results.

Surod Kamahi, Chief Financial Officer, LubriF: Thank you, Samir. I extend a warm welcome to you all, and I am delighted to guide you through our h one twenty twenty five financial results and provide insight into our guidance for the remaining financial year. During the quarter, we uphold our commitment to safety and operational distance even as we navigated several operational challenges. This approach led us to take precautionary measures resulting into two unplanned shutdowns at our Jeddah and Yumbra facilities respectively. While these events impacted production resulting in a slight decline in sales volume compared to the 2024, our team responded promptly by restoring operations and minimizing further impact.

Consequently, we have updated our base production guidance for 2025 to 1,050,000 metric tons compared

Samir Hagar, Chief Executive Officer, LubriF: to

Surod Kamahi, Chief Financial Officer, LubriF: the earlier guidance of 1,200,000 metric tons. Turning to our financials. The decline in revenue during H1 twenty twenty five was mainly driven by low base oil and by product sales volumes. This also impacted EBITDA and net income as a weaker by product crack margins were the primary contributor to the drop in profitability. It’s worth highlighting that our base oil crack margin improved during the period.

This was primarily driven by an increase in base oil selling prices and decrease in feedstock costs. In H1 twenty twenty five, free cash flow was impacted by a combination of working capital movements and a planned step up in capital spending. Increases in inventory and prepayment, along with a reduction in payables, influenced the timing of operating cash flow. At the same time, we made strategic investments in our capital program reflecting our commitment to long term growth and operational resilience. While these factors affected free cash flow this period, they represent foundational moves that position us strongly for sustained value creation in the periods ahead.

As a result, our cash conversion ratio moderated this period. However, with a very low gearing ratio, our balance sheet remains robust and provides ample financial flexibility to support ongoing investment and future growth initiatives. As discussed earlier, two key factors contributed to the decline in our net income for h one twenty twenty five compared to the same period last year, a drop in byproduct margins and a reduction in base oil volumes leading to a 13% decrease. Looking at the other components of the waterfall chart, operating expenses were slightly higher and the CAN tax were lower, reflecting the decline in net income. Let me now walk you through our cash position at the end of H1 twenty twenty five.

We began the year with a cash balance of approximately 1,200,000,000.0. Over the first half, our operations generated BRL $459,000,000 in cash. We continued to invest in our growth journey, allocating BRL220 million toward capital expenditure. At the same time, we reaffirmed our commitment to shareholder returns, distributing million dollars in dividends for the period of 2024. In addition, we recorded R92 million dollars in outflows related to loan repayments and finance costs.

After accounting for all these movements, our closing cash balance for the 2025 stood at $1,815,000,000, a decrease of BRL $372,000,000 from the start of the year, in line with our planned activities and capital allocation priorities. Let me now share our updated guidance for the rest of 2025. Our 2025 base oil production forecast has been revised to 1,050,000 metric ton due to unplanned shutdown for urgent maintenance. Despite that, we remain fully committed to meeting customer demand and maintaining operational continuity. In parallel, we are committed to expand our domestic footprint and to continue targeting for local sales to account for approximately 30% of total volume, supporting our strategy to enhance value capture and reduce exposure to external market volatilities.

As previously guided, we have resumed HVGO supply from SAMRF in quarter two, and it would continue contingent on compatible feedstock availability. This supports our base oil production reliability and enhances our operational flexibility going forward. For H1 twenty twenty five performance, the declared cash dividends for the period returned to shareholder is billion with all other elements and guidance remain unchanged. In summary, LubriF remains focused on delivering operational excellence, disciplined execution, and long term value creation. The first half of the year brought some operational and financial challenges.

However, we responded with agility and maintain progress across operational our key initiatives. Entering the 2025, we are confident in our strategy and the dedication of our team to advance LubriF as a leading player in the global base oil and specialty lubricants market. With that, we will now open the floor for your questions and hand it over to Salih to lead the q and a session.

Farah Al Ghandhi, Investor Relations, LubriF: Thank you, sir. It is the usual with receiving the questions, please state your name, your question, and your working address. But prior to that, we would like to read couple of questions that are written written for the CFO to answer. Question number one, why is the CapEx range so wide? It is currently 250 to 350,000,000 Saudi yal.

Wouldn’t you have more clarity on it given the proximity to completion at halfway?

Samir Hagar, Chief Executive Officer, LubriF: Thank you, Sarek. For for this question, I think the range is around 100,000,000. It’s approximately less than $30,000,000 on a project like $200,000,000 as an acceptable range. As we are in halfway that we so far spent around BRL 113,000,000 in our growth project, we are in these kind of projects, as we are accelerating also our work in progress in that project, some payments we are expecting maybe to come at the end of this year. Otherwise, maybe it will come at early twenty twenty six.

For later, we can give more closer range, but this is what we are reaffirming and reiterating our what we mentioned in our guidance at the beginning of the year.

Farah Al Ghandhi, Investor Relations, LubriF: Thank you, Sood. The second written question is what was the working working capital out in the 2025? Would you expect the rest of the year to have similar working capital outflow? I see that you have distributed 70% of your free cash flow as dividends. Wouldn’t it be more sensible to pay close to the top range, which is 80%, given the net cash balance sheet?

Samir Hagar, Chief Executive Officer, LubriF: Okay. This is a good question. LubriF continue to have its own dividend policy that is performance linked, and we are committed so far to to that policy. And just going again with all for our previous distribution, it also was around 70%. So we are continuing our current distribution with the same.

And the growth phase that we are where we are right now, where we are seeing that it’s reflected clearly in our capital programs, we could have also going 60. So the target between of in our balance between 60 to 80. However, we returned back to our shareholder at this time 70%.

Farah Al Ghandhi, Investor Relations, LubriF: Now we have answered the two written question. Moving to Mr. Jonathan Chang from Morgan Stanley.

Jonathan Chang, Analyst, Morgan Stanley: Hi, thank you for taking my question. I’ve got two, please. First one on your byproduct business. Why were volumes and margins weaker? And could you give us a bit more colors on what’s the trading momentum going into second half?

And my second question is around your production costs for the quarter. It seems a bit higher on a per tonne basis. Could you give a bit more comment, please?

Samir Hagar, Chief Executive Officer, LubriF: Okay. For your first questions, you are talking about the byproduct. We have encountered a positive impact in our byproduct from the feedstock area. But despite that, we have higher prices in our byproducts product mix. So therefore, we are having a negative byproduct cost margin during this period.

That has impacted our byproduct for this period. For for your second question, cost of production?

Surod Kamahi, Chief Financial Officer, LubriF: Yes.

Samir Hagar, Chief Executive Officer, LubriF: Can you repeat that again? Sorry.

Jonathan Chang, Analyst, Morgan Stanley: Yes. So it looks like your cost of production per ton, it’s a bit higher in the second quarter. Could you give us a bit more comment?

Samir Hagar, Chief Executive Officer, LubriF: I’m not sure how much you have the cost of production. I’m not sure we shared the cost of production so far. So we have the cost of production usually comes with in our cost of sales, but these are we see it at the normal stage right now. We don’t see any fluctuation in that readout. Quick quick just follow-up, Jonathan.

This is the CEO. On the byproducts, there’s tremendous pressure on some of the byproducts we have at the global stage. So there are actually negative crack margins, roughly $28 per ton, which is equivalent to a 105 riyals per ton. So that kind of tamped down. That’s why q two tamped down the overall net of of the company itself.

But needless to say, of course, the crack margins of the base oil is on the upside, which is more important. Understood. Thank you.

Farah Al Ghandhi, Investor Relations, LubriF: Thank you, Jonathan. Okay. We have Elder.

Elder, Analyst: Yes. Hi. Thank you so much. Any chance you could give us a color in terms of on the difference between crack margins based on VGU and HVGU? That’s my first question.

And secondly, could you please elaborate on the nature of the shutdown for Jeddah? Should we expect this to continue or this has been resolved already? Thank you.

Farah Al Ghandhi, Investor Relations, LubriF: So thank you, Aldera. Just to repeat your question, the first one was about the difference between the HVGO. Could you repeat the first one, please, just to make sure I grasp your idea correctly?

Elder, Analyst: Yes. Correct. So I wanted to understand better the difference between VGO based and HVGO margins. Are they very different or not?

Samir Hagar, Chief Executive Officer, LubriF: So so, yes, Elder. That is something that I think we we are working on in order to find different mechanism to have that different crack margin for different VGO stream and and to be shared later with you and with all other analysts. So this is we want to continue that. Currently, we have very positively continued HVGO that are coming from Sandip. And that is starting an initiative come back again in each in q two, which is now we are looking at, and we will ensure that we have that segregation in the future.

So just a a little bit of clarity on the HVGO, is is that is a stream that is embedded directly to the hydrocracker. So it means it bypasses some of the parts and pans, hence, making it less it actually that carries down the operational cost of the whole facility because you’re not going through different equipments. You’re going directly to the hydrocracker, which we have envisaged to do that, and we continue to do that. It’s quite beneficial to the company itself. Now on the shutdown, I think you’re referring to the q one shutdown, and that took place because of catalyst change out on that, and then also a an exchanger we had, some of the equipment.

But that’s the that’s the this is what I understood from your question.

Elder, Analyst: Thank you. I maybe I’m confused a bit, but I think on this call today, you’ve downgraded your full year guidance from, I think, 1.2 to one, zero point zero five. Could you explain again why it happens, what’s driving this? Thank you.

Farah Al Ghandhi, Investor Relations, LubriF: Yes, Eldar. Apologies for not understanding your question properly the first time. Basically, two H seven days shutdown encounter we encountered in in the second quarter, one in Jibdeh refinery, the second in Yamba refinery. Both were to address matters related to our integrity and safety. As a result of the Yamber let’s begin with Jibda.

So the Jibda shutdown was fully successful, and we addressed the matter that we closed we that we went into into shutdown for. But for Yamber, while we mitigated this issue, it’s still it it it will still continue until November. And because of that, because of those two shutdowns combined and as other production related matters, the guidance has been revised to one zero five million metric ton rather than 1.2, which was originally accounted for.

Elder, Analyst: I Thank you.

Samir Hagar, Chief Executive Officer, LubriF: I I if I may yeah. This is may may impact us in a very short time, but this is very important from our team effort to assist any potential risk, and that is very important in our to recognize this to ensure the safety and integrity of our assets.

Farah Al Ghandhi, Investor Relations, LubriF: And to finalize from my side, Elder, while we successfully addressed our shutdown in Jeddah. You know, from an operational perspective, when an when an emergency happens, it happens. But we are confident today when we say we addressed those issues and the Jeddah refinery is back on track. The Yenbo is still facing minor difficulties due to which we have revised our guidance for the rest of the year.

Elder, Analyst: Thank you.

Farah Al Ghandhi, Investor Relations, LubriF: Any more question, gentlemen? Elder again?

Elder, Analyst: Thank you again. Yes, maybe just to make sure I understand the timeline correctly for the growth too. Have there been any changes to your understanding of when approximately you expect this facility to start operating and producing actually Group three? And any chance maybe you could give us some guidance in terms of what kind of CapEx we should expect for 2026 as well? Thank you so much.

Samir Hagar, Chief Executive Officer, LubriF: So that was a good question. So the project is scheduled is actually scheduled to be part of the turnaround. The turnaround is the last month and a half of the year, which is about forty five days, where we whereby the scheduled turnaround takes place. There are other activities in addition to the project hookup, which currently, as we mentioned, there was some procurement delays that we are gearing up. We have geared up to put them back back on time on that.

Now once that is all done, production will start in January of that facility. And that facility itself has the ability to produce group two fully or also part of it group three. So that mix will come later on on the guidance, how much of a mix we wanna do in terms of three or two. If we would produce more three, that means maybe on the expense of group two and the expense of the carat severity, whereby it will require more changes. So there is an optimum operation model that we will give guidance window to to to the analysts, and that’s gonna come soon.

Farah Al Ghandhi, Investor Relations, LubriF: There’s another question about the CapEx for 2026, mister Sood.

Samir Hagar, Chief Executive Officer, LubriF: So the question I recall how much is the growth expected. So far, within our guidance and where we are seeing it, we are expecting for the growth CapEx for next year will be around between 100,000,000 to $120,000,000 at that range in order to have remaining around 10% to 15% in 2027, and that is usually related with insurance and the the guarantees of the facilities once it’s signed. So this this will be the expected for next year.

Farah Al Ghandhi, Investor Relations, LubriF: Okay. Moving on to one written question by mister Ajai Singh. Yimber will I’m sorry. Can you go to the Yimber will face an issue. Yeah.

Yimber will face an issue implying group two is much higher in in crack margin. Will this impact the crack margin for 2025? To answer you on a couple of points, the first one, we don’t usually provide an outlook statement regarding the finances. However, let me answer you in terms of what the outlook says about the prices of each side of the equation. So for the base oil prices, they’re expecting to remain the same for the year 2025 for the second half of the year.

While on the other hand, due to the current geopolitical situations and the pressure generated by the OPEC plus decision to increase the production are expected to put pressure on the prices of the high sulfur fuel oil. We look at this positively and working to capture the opportunity of gaining from the highest spread between the two prices. Next question by Mr. Rajam Kabbani. What’s the update on the Jidda facility closure in 2026?

Any chance it will get extended?

Samir Hagar, Chief Executive Officer, LubriF: Hi, Jim. Good question. Jib is a very important facility for us, but also it has challenges that it’s a very old facility as well. So, therefore, lot of assessments and not only assessment for operation, but environmental assessments, permit assessments, and discussions, online online discussions and dialogues, face to face dialogues with the owners and the land and what have you. So this will take its all this will take its all toll on that.

And then soon, we’ll be coming back with an official statement on the fate of Jindah facility.

Farah Al Ghandhi, Investor Relations, LubriF: Moving to mister Roth But, again, let

Samir Hagar, Chief Executive Officer, LubriF: me let me let me just actually remind that. You know, any as you say, any chance it will be extended? So, I mean, regardless whether it does or not, I think the message here is the company is at a growth stage. And what’s coming from growth to and beyond that, as we mentioned in the statement, will actually trump the facility in the next five or four or five years, meaning that it will overcome. And and some of these projects are actually at multiples to Jibda’s income on that that is coming.

So that’s the idea on on whether the the Jibda is there or not. But definitely, we are in the meantime, we are working to to come to a an agreement if that will be extended or not.

Farah Al Ghandhi, Investor Relations, LubriF: Thank you, mister Samir, for the extended detail. Couple of questions for mister Fawad Khan. First one, what aspect of plant operation in Yempur has led to lower protection and sales guidance? As answered previously, it was a matter of integrity and safety. We don’t compromise safety when it comes to our operations.

Hence, our teams took immediate action to address this issue, which we were able to address, But with that in mind, we have to revise our calculations for the rest of the year. Another question from mister Fawad Khan. What are the reasons for the increase in working capital in the second quarter?

Samir Hagar, Chief Executive Officer, LubriF: Actually, the working capital is, if we look at the period, we have decreased during this period comparing to before. But for for us, we have faced some inventory evaluation. We have a a prepayments that have been done during this period and settling of some of our payables. So we are facing a decrease in that area.

Farah Al Ghandhi, Investor Relations, LubriF: For growth two projects, has the secured UCO stream to fully optimize production? If I understand your question correctly, mister Fahad Khan, you are referring to whether or not we have secured the UCO. UCO is currently under technical evaluations. We are evaluating different options from variety of facilities, both within The kingdom and outside The kingdom, but it did it did not go to commercial yet. On behalf of our asset optimizer department and technical engineering, we are in technical evaluation stage.

Samir Hagar, Chief Executive Officer, LubriF: But, I mean, for that for us, I think we demonstrated in the past to source UCOs globally. That was, I think, two years ago or a year and a half ago. And that’s whereby to continue our agenda. So that’s that’s that’s the the the capability of importing and processing UCO is is well in hand.

Farah Al Ghandhi, Investor Relations, LubriF: To to to highlight in addition to what our CEO mentioned, we do have a lot of experience when it comes to sourcing and manipulating different streams and different stages of our process. So a couple of years back, it was the alternative feed for the refinery. We have a successful example of the high heavy vacuum gas oil, HVGO. USEO is another attempt that we have experience with. Another written question, why was the market not informed about the shutdown?

We do our own internal assessment to check the materiality of the impact and measure it against the financial statements of the previous year. We assure that we have we assure that we are we looked into all these angles and did our own internal assessment to make sure that this is worth this is, you know, worth highlighting or not. The materiality was not reached, and it was not the the decision was not made to go live with such information in that case.

Samir Hagar, Chief Executive Officer, LubriF: Pretty much it’s a slowdown on the on the volume that took place because of the duty in the exchanger that has been currently mitigated. And, hopefully, we are approaching to the target volumes. If yes, that’s gonna be good. If not, then we will sustain the same target that we have mentioned.

Farah Al Ghandhi, Investor Relations, LubriF: With that, we answered all the written questions for now. Any further questions, both verbal or written, gentlemen and ladies? If no further questions are here, thank you for attending, and thank you for your valuable participation. For any backup questions, feel free to reach investor relations at Lubriv, and this recording will be uploaded as usual for your future consideration. Thank

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