Aramco H1 2023 profit dips 28% to SAR 226.4 bln; Q2 at SAR 108.9 bln

07/08/2023 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) reported a net profit of SAR 226.4 billion after minority interest in H1 2023, a drop of 28% from SAR 315.8 billion a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,165,270.00	908,151.00	(22.1 %)
Gross Income	690,765.00	511,004.00	(26.0 %)
Operating Income	602,194.00	434,881.00	(27.8 %)
Net Income	315,807.00	226,352.00	(28.3 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	1.30	0.94	(28.3 %)

The decline in the six-month profit was attributed to lower crude oil prices and weakening refining and chemicals margins. This was partially offset by a decrease in production royalties, largely due to lower average effective royalty rate and crude oil prices, higher finance and other income, and lower income taxes and Zakat.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	648,373.00	448,318.00	(30.9 %)
Gross Income	371,593.00	250,667.00	(32.5 %)
Operating Income	324,489.00	212,553.00	(34.5 %)
Net Income	173,795.00	108,881.00	(37.4 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.72	0.45	(37.4 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	459,833.00	448,318.00	(2.5 %)
Gross Income	260,337.00	250,667.00	(3.7 %)
Operating Income	222,328.00	212,553.00	(4.4 %)
Net Income	117,471.00	108,881.00	(7.3 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.49	0.45	(7.3 %)

In Q2 2023, net profit declined 37% to SAR 108.9 billion from SAR 173.79 billion in the year-earlier period primarily due to lower crude oil prices and weakening refining and chemicals margins. This was partially offset by a decline in production royalties, largely attributable to lower crude oil prices and lower average effective royalty rate, and lower income taxes and Zakat.

The world’s largest oil exporter reported a decrease of 7.3% in Q2 net profit from SAR 117.47 billion in Q1 2023 on decreasing refining and chemicals margins and lower crude oil prices.

Shareholders’ equity, after minority interest, rose to SAR 1.52 trillion as of June 30, 2023, from SAR 1.30 trillion a year earlier.

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