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.
| 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.
| 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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