Saudi Arabian Oil Co. (Saudi Aramco) posted a 24% drop in its 2023 net profit to SAR 452.8 billion, compared to SAR 597.2 billion a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 2,266,373.00 | 1,856,373.00 | (18.1 %) |
| Gross Income | 1,323,814.00 | 1,047,414.00 | (20.9 %) |
| Operating Income | 1,144,077.00 | 871,667.00 | (23.8 %) |
| Net Income | 597,215.00 | 452,753.00 | (24.2 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 2.47 | 1.87 | (24.2 %) |
The annual profit was hurt by a decline in crude oil prices and sales volumes, as well as lower refining and chemical products' prices.
The profit decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, as well as weakening refining and chemicals margins. This was partially offset by a decline in production royalties, along with lower income taxes and Zakat.
In Q4 2023, net profit decreased by 18% to SAR 102.9 billion from SAR 125.3 billion a year earlier.
Sequentially, the fourth-quarter net earnings declined 16.7% from SAR 123.53 billion.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 487,168.00 | 459,287.00 | (5.7 %) |
| Gross Income | 289,767.00 | 248,767.00 | (14.1 %) |
| Operating Income | 241,649.00 | 199,104.00 | (17.6 %) |
| Net Income | 125,340.00 | 102,867.00 | (17.9 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.52 | 0.43 | (17.9 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 488,935.00 | 459,287.00 | (6.1 %) |
| Gross Income | 287,643.00 | 248,767.00 | (13.5 %) |
| Operating Income | 237,682.00 | 199,104.00 | (16.2 %) |
| Net Income | 123,534.00 | 102,867.00 | (16.7 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.51 | 0.43 | (16.7 %) |
Shareholders’ equity, after minority interest, increased to SAR 1.53 trillion as of Dec. 31, 2023, compared to SAR 1.44 trillion a year earlier.
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