Saudi Aramco profit dips 24% to SAR 452.8B in 2023; Q4 at SAR 102.9B

10/03/2024 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) posted a 24% drop in its 2023 net profit to SAR 452.8 billion, compared to SAR 597.2 billion a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	2,266,373.00	1,856,373.00	(18.1 %)
Gross Income	1,323,814.00	1,047,414.00	(20.9 %)
Operating Income	1,144,077.00	871,667.00	(23.8 %)
Net Income	597,215.00	452,753.00	(24.2 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	2.47	1.87	(24.2 %)

The annual profit was hurt by a decline in crude oil prices and sales volumes, as well as lower refining and chemical products' prices.

The profit decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, as well as weakening refining and chemicals margins. This was partially offset by a decline in production royalties, along with lower income taxes and Zakat.

In Q4 2023, net profit decreased by 18% to SAR 102.9 billion from SAR 125.3 billion a year earlier.

Sequentially, the fourth-quarter net earnings declined 16.7% from SAR 123.53 billion.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	487,168.00	459,287.00	(5.7 %)
Gross Income	289,767.00	248,767.00	(14.1 %)
Operating Income	241,649.00	199,104.00	(17.6 %)
Net Income	125,340.00	102,867.00	(17.9 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.52	0.43	(17.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	488,935.00	459,287.00	(6.1 %)
Gross Income	287,643.00	248,767.00	(13.5 %)
Operating Income	237,682.00	199,104.00	(16.2 %)
Net Income	123,534.00	102,867.00	(16.7 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.51	0.43	(16.7 %)

Shareholders’ equity, after minority interest, increased to SAR 1.53 trillion as of Dec. 31, 2023, compared to SAR 1.44 trillion a year earlier.

Attached Document:

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