Aramco 9M 2024 profit dips 12% to SAR 307.14B; Q3 at SAR 97.62B

Saudi Arabian Oil Co. (Saudi Aramco) posted a net profit after minority interest of SAR 307.14 billion, compared to SAR 349.89 billion in the year-earlier period.

Net income for the first nine months of 2024 declined primarily due to lower crude oil sales volumes, weak refining margins, and a decline finance and other income.

This was partially offset by lower production royalties, and lower income taxes and Zakat.

Meanwhile, revenue increased to SAR 1.24 trillion in the nine-month period, compared to SAR 1.24 trillion in 9M 2023.

In Q3 2024, Aramco generated a net profit after minorities of SAR 97.62 billion, a drop of 21% from SAR 123.53 billion in Q3 2023 as revenue dropped to SAR 416.63 billion, from SAR 424.10 billion in Q3 2023 due to lower prices of crude oil, refined products and chemicals.

The major oil producer also reported a decline in refining margins despite improved sales volumes. Selling, general and administrative expenses (SG&A) decreased mainly due to gains from derivative instruments.

Similarly, net income fell 8% from SAR 106.15 billion in the previous quarter as revenue declined from SAR 425.71 billion in Q2 2024 despite higher sales volumes.

Total shareholders’ equity, after minority interest, increased to SAR 1.48 trillion as of Sept. 30, 2024, from SAR 1.54 trillion a year earlier.

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