Saudi Aramco profit drops 26% to SAR 349.89 bln in 9M 2023; Q3 at SAR 123.53 bln

Saudi Arabian Oil Co. (Saudi Aramco) posted a 26% fall in net profit, after minority interest, to SAR 349.89 billion in the first nine months of 2023, compared to SAR 471.88 billion a year earlier.

The profit decrease was largely attributed to lower crude oil prices and weak refining and chemicals margins. This was partially offset by a decline in production royalties, primarily due to a lower average effective royalty rate and lower crude oil prices.

The oil giant also reported higher finance and other income, as well as a decline in income taxes and Zakat.

In Q3 2023, net profit, excluding minority interest, dropped 21% to SAR 123.53 billion from SAR 156 billion, mainly due to lower crude oil prices and sales volume.

This was partially offset by a reduction in production royalties due to a lower average effective royalty rate and lower crude oil prices.

Sequentially, the third-quarter net earnings rose 13.5% from SAR 108.88 billion.

Shareholders’ equity, after minority interest, increased to SAR 1.54 trillion as of Dec. 31, 2023, compared to SAR 1.38 trillion a year earlier.

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