Aramco’s 2024 profit dips 13% to SAR 394.5B; Q4 at SAR 87.3B

Saudi Arabian Oil Co. (Saudi Aramco) posted a net profit after minority interest of SAR 394.5 billion for 2024, a decline of 13% from SAR 452.8 billion a year earlier.

Before minority interest, the annual net profit reached SAR 398.4 billion, compared to SAR 454.8 billion in 2023.

The 2024 net profit fall was attributed to lower crude oil prices and sales volumes, along with a decline in refined and chemical product prices. This was partially offset by higher sales volumes of refined and chemical products.

The major oil producer also cited a decline in other income related to sales, higher operating costs, as well as lower finance and other income. This was partially offset by lower income taxes and Zakat.

In Q4 2024, Aramco generated a net income after minorities of SAR 87.3 billion, a drop of 15% from SAR 102.8 billion in the prior-year period.

Similarly, net income dropped by 10.5% from SAR 97.6 billion in the previous quarter.

Total shareholders’ equity, after minority interest, increased to SAR 1.45 trillion as of Dec. 31, 2024, from SAR 1.53 trillion a year earlier.

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