Aramco H1 2024 profit dips 7% to SAR 209.5B; Q2 at SAR 106.2B

06/08/2024 Argaam Exclusive

Saudi Arabian Oil Co. (Saudi Aramco) reported a 7% decline in H1 2024 net profit to SAR 209.5 billion after minority interest, compared to SAR 226.4 billion in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 908,151.00 908,458.00 0.0 %
Gross Income 511,004.00 503,076.00 (1.6 %)
Operating Income 434,881.00 408,681.00 (6.0 %)
Net Income 226,352.00 209,514.00 (7.4 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.94 0.87 (7.4 %)

The first-half net profit decline was attributed to lower volumes of crude oil sold and weakening refining margins. Aramco also cited a decline in finance and other income.

 

On the other hand, revenue increased to SAR 827.75 billion in H1 2024, from SAR 820.02 billion in the corresponding period of 2023.

 

This was partially offset by higher crude oil prices and lower production royalties compared to the same period of 2023, in addition to lower income taxes and Zakat.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 448,318.00 470,611.00 5.0 %
Gross Income 250,667.00 254,336.00 1.5 %
Operating Income 212,553.00 206,267.00 (3.0 %)
Net Income 108,881.00 106,158.00 (2.5 %)
Average Shares 242,000.00 242,000.00 -
EPS (Riyals) 0.45 0.44 (2.5 %)

In Q2 2024, net earnings decreased 3% to SAR 106.2 billion, from SAR 108.8 billion in the second quarter of 2023 on lower volumes of crude oil sold and weak refining margins.

 

The second-quarter top line rose to SAR 425.71 billion, from SAR 402.56 billion in Q2 2023.

 

The giant oil producer’s net profit grew by 2.7% quarter-on-quarter (QoQ) from SAR 103.3 billion in Q1 2024 as revenue rose from SAR 402.04 billion in Q1 2024, thanks to higher crude prices and better volumes of crude oil sold, refining products and chemicals.

 

Shareholders’ equity, after minority interest, reached SAR 1.50 trillion by June 30, 2024, from SAR 1.52 trillion in the prior-year period.

 

Attached Documents

 

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Share Price

Saudi Arabian Oil Co.
28.45
(0.55) (1.90 %)

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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Financial Ratios
Current
Market Cap (M Riyal) 6,884,900.00
Enterprise Value (EV) (M) 7,068,990.00
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.69
Book Value (BV) ( Riyal) 6.15
Par Value -
Adjusted P/E (Last12) 16.78
P/E (TTM) 16.79
Price/book 4.62
Return on Average Assets (%) (TTM) 16.5
Return on Average Equity (%) (TTM) 27.0
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