Financial Results : Aramco’s 2024 profit dips 13% to SAR 393.9B; Q4 at SAR 86.8B

Aramco’s 2024 profit dips 13% to SAR 393.9B; Q4 at SAR 86.8B

04/03/2025 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) posted a net profit after minority interest of SAR 393.9 billion for 2024, a decline of 13% from SAR 452.8 billion a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,856,373.00 1,801,674.00 (2.9 %)
Gross Income 1,047,414.00 972,885.00 (7.1 %)
Operating Income 871,667.00 774,929.00 (11.1 %)
Net Income 452,753.00 393,891.00 (13.0 %)
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Riyals) 1.86 1.63 (12.5 %)
EPS (Riyals) 1.87 1.63 (13.0 %)

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.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 459,287.00 428,591.00 (6.7 %)
Gross Income 248,767.00 229,776.00 (7.6 %)
Operating Income 199,104.00 173,353.00 (12.9 %)
Net Income 102,867.00 86,756.00 (15.7 %)
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Riyals) 0.43 0.36 (15.6 %)
EPS (Riyals) 0.43 0.36 (15.7 %)
In Q4 2024, Aramco generated a net income after minorities of SAR 86.8 billion, a drop of 15.7% from SAR 102.8 billion in the prior-year period.
 
Similarly, net income dropped by 11.1% 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.

 

Attached Documents

 

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