Saudi Arabian Oil Co. (Saudi Aramco) reported a 7% decline in H1 2024 net profit to SAR 209.5 billion after minority interest, compared to SAR 226.4 billion in the year-earlier period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 908,151.00 | 908,458.00 | 0.0 % |
| Operating Income | 434,740.00 | 408,499.00 | (6.0 %) |
| Net Income | 226,352.00 | 209,514.00 | (7.4 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.94 | 0.87 | (7.4 %) |
The first-half net profit decline was attributed to lower volumes of crude oil sold and weakening refining margins. Aramco also cited a decline in finance and other income.
On the other hand, revenue increased to SAR 827.75 billion in H1 2024, from SAR 820.02 billion in the corresponding period of 2023.
This was partially offset by higher crude oil prices and lower production royalties compared to the same period of 2023, in addition to lower income taxes and Zakat.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 448,318.00 | 470,611.00 | 5.0 % |
| Operating Income | 212,553.00 | 206,451.00 | (2.9 %) |
| Net Income | 108,881.00 | 106,158.00 | (2.5 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.45 | 0.44 | (2.5 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 437,847.00 | 470,611.00 | 7.5 % |
| Operating Income | 202,050.00 | 206,451.00 | 2.2 % |
| Net Income | 103,356.00 | 106,158.00 | 2.7 % |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.43 | 0.44 | 2.7 % |
In Q2 2024, net earnings decreased 3% to SAR 106.2 billion, from SAR 108.8 billion in the second quarter of 2023 on lower volumes of crude oil sold and weak refining margins.
The second-quarter top line rose to SAR 425.71 billion, from SAR 402.56 billion in Q2 2023.
The giant oil producer’s net profit grew by 2.7% quarter-on-quarter (QoQ) from SAR 103.3 billion in Q1 2024 as revenue rose from SAR 402.04 billion in Q1 2024, thanks to higher crude prices and better volumes of crude oil sold, refining products and chemicals.
Shareholders’ equity, after minority interest, reached SAR 1.50 trillion by June 30, 2024, from SAR 1.52 trillion in the prior-year period.
Attached Documents
| Company | Estimated | Actual | Change |
|---|---|---|---|
| SAUDI ARAMCO | 104,019.94 | 106,158.00 | 2.1 % |
| SAUDI CEMENT | 90.58 | 87.30 | (3.6 %) |
| DAR ALARKAN | 173.60 | 165.12 | (4.9 %) |
| LUMI | 54.61 | 46.01 | (15.8 %) |
| SPCC | 45.14 | 30.00 | (33.5 %) |
| SAVOLA GROUP | 258.90 | 135.39 | (47.7 %) |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| ALAMAR | 11.00 | 13.05 | 18.6 % |
| SAUDI ARAMCO | 104,019.94 | 106,158.00 | 2.1 % |
| JAMJOOM PHARMA | 106.61 | 106.95 | 0.3 % |
| Company | Estimated | Actual | Change |
|---|---|---|---|
| SAVOLA GROUP | 258.90 | 135.39 | (47.7 %) |
| SPCC | 45.14 | 30.00 | (33.5 %) |
| A.OTHAIM MARKET | 58.76 | 43.28 | (26.3 %) |
| LUMI | 54.61 | 46.01 | (15.8 %) |
| YSCC | 98.89 | 84.62 | (14.4 %) |
| DAR ALARKAN | 173.60 | 165.12 | (4.9 %) |
| SAUDI CEMENT | 90.58 | 87.30 | (3.6 %) |
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