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

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	870,701.30	774,837.80	(11.0 %)
Net Income	452,753.00	393,891.00	(13.0 %)
Average Shares	242,000.00	242,000.00	-
Earnings Per Share before unusual items (Halala)	185.70	162.85	(12.3 %)
EPS (Halala)	187.09	162.76	(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	173,340.40	(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 (Halala)	42.51	35.86	(15.6 %)
EPS (Halala)	42.51	35.85	(15.7 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	464,625.00	428,591.00	(7.8 %)
Gross Income	240,033.00	229,776.00	(4.3 %)
Operating Income	192,871.00	173,340.40	(10.1 %)
Net Income	97,621.00	86,756.00	(11.1 %)
Average Shares	242,000.00	242,000.00	-
Earnings Per Share before unusual items (Halala)	40.36	35.86	(11.2 %)
EPS (Halala)	40.34	35.85	(11.1 %)

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

View More Financial Results

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

Content Summary:

Comments Analysis:

Financials (M)

Current Quarter Comparison (M)

View other reports