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

07/11/2023 Argaam Exclusive

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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.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,779,205.00	1,397,086.00	(21.5 %)
Gross Income	1,034,047.00	798,647.00	(22.8 %)
Operating Income	902,428.00	672,563.00	(25.5 %)
Net Income	471,875.00	349,886.00	(25.9 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	1.95	1.45	(25.9 %)

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.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	613,935.00	488,935.00	(20.4 %)
Gross Income	343,282.00	287,643.00	(16.2 %)
Operating Income	300,234.00	237,682.00	(20.8 %)
Net Income	156,068.00	123,534.00	(20.8 %)
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.64	0.51	(20.8 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	448,318.00	488,935.00	9.1 %
Gross Income	250,667.00	287,643.00	14.8 %
Operating Income	212,553.00	237,682.00	11.8 %
Net Income	108,881.00	123,534.00	13.5 %
Average Shares	242,000.00	242,000.00	-
EPS (Riyals)	0.45	0.51	13.5 %

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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