Financial Results : Aramco’s profit down 7% to SAR 95.7B in Q1 2025

Aramco’s profit down 7% to SAR 95.7B in Q1 2025

11/05/2025 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) posted a net profit of SAR 95.7 billion for the first quarter of 2025, a decrease of 7% from SAR 103.4 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 437,847.00 429,612.00 (1.9 %)
Gross Income 248,740.00 234,253.00 (5.8 %)
Operating Income 202,304.20 191,121.60 (5.5 %)
Net Income 103,356.00 95,676.00 (7.4 %)
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Riyal) 0.43 0.39 (7.9 %)
EPS (Riyal) 0.43 0.40 (7.4 %)

The decline in the first-quarter net profit was attributed to lower revenues and other income related to sales as well as higher operating expenses.

 

This was partially offset by lower income taxes and Zakat driven by a decline in the taxable income recorded in the first quarter of 2025.

 

Meanwhile, the world’s largest oil producer reported a rise in revenues on higher sales volumes of gas and refined and chemical products, as well as better traded volumes of crude oil. This was partially offset by lower prices of refined and chemical products as well as crude oil compared to the same quarter of previous year.

 

Aramco's Q1 2025 net earnings rose 10.3% from SAR 86.75 billion in Q4 2024, on revenue growth due to higher sales volumes of gas and refined and chemical products, as well as better traded volumes of crude oil.

 

Total shareholders’ equity, after minority interest, increased to SAR 1.47 trillion as of March 31, 2025, from SAR 1.52 trillion a year earlier.

 

Attached Documents

 



Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 91,787.00 - 0.38 - 91,787.00 0.38
Q2 2018 106,574.00 - 0.44 - 106,574.00 0.44
Q3 2018 113,375.00 - 0.47 - 113,375.00 0.47
Q4 2018 104,460.00 - 0.43 - 104,460.00 0.43
Q1 2019 83,226.00 (9.3 %) 0.34 - 83,226.00 0.34
Q2 2019 92,791.00 (12.9 %) 0.38 - 92,791.00 0.38
Q3 2019 79,788.00 (29.6 %) 0.33 - 79,788.00 0.33
Q4 2019 75,011.00 (28.2 %) 0.31 - 75,011.00 0.31
Q1 2020 63,532.00 (23.7 %) 0.26 - 63,532.00 0.26
Q2 2020 25,370.00 (72.7 %) 0.10 - 25,370.00 0.10
Q3 2020 44,278.00 (44.5 %) 0.18 - 44,278.00 0.18
Q4 2020 51,746.00 (31.0 %) 0.21 - 51,746.00 0.21
Q1 2021 78,590.00 23.7 % 0.32 - 78,590.00 0.32
Q2 2021 90,902.00 258.3 % 0.38 - 90,902.00 0.38
Q3 2021 109,072.00 146.3 % 0.45 - 109,072.00 0.45
Q4 2021 116,639.00 125.4 % 0.48 - 116,639.00 0.48
Q1 2022 142,012.00 80.7 % 0.59 - 142,012.00 0.59
Q2 2022 173,795.00 91.2 % 0.72 3,064.00 170,731.00 0.71
Q3 2022 156,068.00 43.1 % 0.64 - 156,068.00 0.64
Q4 2022 125,340.00 7.5 % 0.52 464.00 124,876.00 0.52
Q1 2023 117,471.00 (17.3 %) 0.49 4,491.00 112,980.00 0.47
Q2 2023 108,881.00 (37.4 %) 0.45 1,141.00 107,740.00 0.45
Q3 2023 123,534.00 (20.8 %) 0.51 (2270.30) 125,804.30 0.52
Q4 2023 102,867.00 (17.9 %) 0.43 - 102,867.00 0.43
Q1 2024 103,356.00 (12.0 %) 0.43 (256.20) 103,612.20 0.43
Q2 2024 106,158.00 (2.5 %) 0.44 128.80 106,029.20 0.44
Q3 2024 97,621.00 (21.0 %) 0.40 (56.00) 97,677.00 0.40
Q4 2024 86,756.00 (15.7 %) 0.36 (29.40) 86,785.40 0.36
Q1 2025 95,676.00 (7.4 %) 0.40 239.40 95,436.60 0.39


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 287,510.00 - 193,232.00 - 174,917.00 -
Q2 2018 341,276.00 - 222,990.00 - 204,651.00 -
Q3 2018 363,374.00 - 240,041.00 - 217,347.00 -
Q4 2018 354,857.00 - 216,943.00 - 201,490.00 -
Q1 2019 297,634.00 3.5 % 187,277.00 (3.1 %) 166,621.00 (4.7 %)
Q2 2019 322,307.00 (5.6 %) 202,770.00 (9.1 %) 181,256.00 (11.4 %)
Q3 2019 304,646.00 (16.2 %) 185,810.00 (22.6 %) 165,196.00 (24.0 %)
Q4 2019 312,198.00 (12.0 %) 188,077.00 (13.3 %) 161,798.00 (19.7 %)
Q1 2020 250,345.00 (15.9 %) 151,436.00 (19.1 %) 129,732.00 (22.1 %)
Q2 2020 139,354.00 (56.8 %) 81,121.00 (60.0 %) 53,092.00 (70.7 %)
Q3 2020 228,594.00 (25.0 %) 129,379.00 (30.4 %) 96,046.00 (41.9 %)
Q4 2020 243,798.00 (21.9 %) 147,432.00 (21.6 %) 104,490.00 (35.4 %)
Q1 2021 300,157.00 19.9 % 185,432.00 22.4 % 151,887.00 17.1 %
Q2 2021 349,950.00 151.1 % 215,179.00 165.3 % 179,115.00 237.4 %
Q3 2021 405,382.00 77.3 % 248,234.00 91.9 % 212,806.00 121.6 %
Q4 2021 446,269.00 83.0 % 271,963.00 84.5 % 228,110.00 118.3 %
Q1 2022 516,897.00 72.2 % 319,172.00 72.1 % 277,705.00 82.8 %
Q2 2022 648,373.00 85.3 % 371,593.00 72.7 % 324,489.00 81.2 %
Q3 2022 613,935.00 51.4 % 343,282.00 38.3 % 300,234.00 41.1 %
Q4 2022 487,168.00 9.2 % 289,767.00 6.5 % 241,649.00 5.9 %
Q1 2023 459,833.00 (11.0 %) 260,337.00 (18.4 %) 222,328.00 (19.9 %)
Q2 2023 448,318.00 (30.9 %) 250,667.00 (32.5 %) 212,553.00 (34.5 %)
Q3 2023 488,935.00 (20.4 %) 287,643.00 (16.2 %) 236,716.30 (21.2 %)
Q4 2023 459,287.00 (5.7 %) 248,767.00 (14.1 %) 199,104.00 (17.6 %)
Q1 2024 437,847.00 (4.8 %) 248,740.00 (4.5 %) 202,304.20 (9.0 %)
Q2 2024 470,611.00 5.0 % 254,336.00 1.5 % 206,322.20 (2.9 %)
Q3 2024 464,625.00 (5.0 %) 240,033.00 (16.6 %) 192,871.00 (18.5 %)
Q4 2024 428,591.00 (6.7 %) 229,776.00 (7.6 %) 173,340.40 (12.9 %)
Q1 2025 429,612.00 (1.9 %) 234,253.00 (5.8 %) 191,121.60 (5.5 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 - -
Q2 2016 - -
Q3 2016 - -
Q4 2016 - -
Q1 2017 - -
Q2 2017 - -
Q3 2017 - -
Q4 2017 - -
Q1 2018 - -
Q2 2018 - -
Q3 2018 - -
Q4 2018 64.83 % 30.90 %
Q1 2019 63.90 % 30.04 %
Q2 2019 63.30 % 29.43 %
Q3 2019 61.96 % 28.16 %
Q4 2019 61.77 % 26.75 %
Q1 2020 61.21 % 26.16 %
Q2 2020 60.25 % 24.21 %
Q3 2020 59.11 % 22.37 %
Q4 2020 59.09 % 21.45 %
Q1 2021 59.59 % 21.93 %
Q2 2021 60.35 % 23.65 %
Q3 2021 61.29 % 25.42 %
Q4 2021 61.32 % 26.32 %
Q1 2022 61.36 % 26.69 %
Q2 2022 60.04 % 26.70 %
Q3 2022 58.68 % 26.31 %
Q4 2022 58.41 % 26.20 %
Q1 2023 57.26 % 25.56 %
Q2 2023 56.94 % 24.97 %
Q3 2023 57.76 % 25.02 %
Q4 2023 56.42 % 24.21 %
Q1 2024 56.47 % 23.99 %
Q2 2024 55.99 % 23.61 %
Q3 2024 54.13 % 22.39 %
Q4 2024 54.00 % 21.87 %
2024 54.00 % 21.87 %
Q1 2025 53.44 % 21.52 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 242,000.00 - - -
Q2 2018 242,000.00 - - -
Q3 2018 242,000.00 - - -
Q4 2018 242,000.00 1.72 1.72 4.20
Q1 2019 242,000.00 1.68 1.68 -
Q2 2019 242,000.00 1.63 1.63 4.19
Q3 2019 242,000.00 1.49 1.49 4.29
Q4 2019 242,000.00 1.37 1.37 4.28
Q1 2020 242,000.00 1.29 1.29 4.42
Q2 2020 242,000.00 1.01 1.01 4.24
Q3 2020 242,000.00 0.86 0.86 4.15
Q4 2020 242,000.00 0.76 0.76 4.09
Q1 2021 242,000.00 0.83 0.83 4.18
Q2 2021 242,000.00 1.10 1.10 4.25
Q3 2021 242,000.00 1.36 1.36 4.41
Q4 2021 242,000.00 1.63 1.63 4.60
Q1 2022 242,000.00 1.90 1.90 4.95
Q2 2022 242,000.00 2.24 2.23 5.38
Q3 2022 242,000.00 2.43 2.42 5.74
Q4 2022 242,000.00 2.47 2.45 5.99
Q1 2023 242,000.00 2.37 2.33 6.16
Q2 2023 242,000.00 2.10 2.07 6.32
Q3 2023 242,000.00 1.96 1.95 6.38
Q4 2023 242,000.00 1.87 1.86 6.34
Q1 2024 242,000.00 1.81 1.82 6.30
Q2 2024 242,000.00 1.80 1.81 6.23
Q3 2024 242,000.00 1.69 1.69 6.15
Q4 2024 242,000.00 1.63 1.63 6.03
Q1 2025 242,000.00 1.60 1.59 6.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 21.32 21.32 6.81
Q1 2020 19.39 19.39 5.64
Q2 2020 26.68 26.68 6.34
Q3 2020 34.50 34.50 7.15
Q4 2020 37.87 37.87 7.07
Q1 2021 36.02 36.02 7.13
Q2 2021 26.45 26.45 6.82
Q3 2021 21.81 21.81 6.74
Q4 2021 18.12 18.12 6.43
Q1 2022 18.80 18.80 7.20
Q2 2022 15.76 15.85 6.56
Q3 2022 13.40 13.47 5.68
Q4 2022 11.83 11.90 4.87
Q1 2023 12.41 12.58 4.76
Q2 2023 15.37 15.56 5.11
Q3 2023 17.82 17.97 5.48
Q4 2023 17.64 17.77 5.20
Q1 2024 17.02 16.97 4.90
Q2 2024 15.49 15.40 4.48
Q3 2024 16.00 15.99 4.40
Q4 2024 17.23 17.22 4.66
Q1 2025 16.76 16.77 4.39

Business Segments (Million)

Compared With The
Period upstream Downstream CorporateS Eliminations
Q1 2019 237,105.00 122,907.00 339.00 (62717.00)
Q2 2019 257,113.00 136,125.00 345.00 (71276.00)
Q3 2019 236,714.00 130,565.00 362.00 (62995.00)
Q4 2019 239,463.00 137,822.00 593.00 (65680.00)
Q1 2020 192,737.00 112,283.00 484.00 (55159.00)
Q2 2020 95,490.00 71,739.00 409.00 (28284.00)
Q3 2020 154,065.00 121,906.00 363.00 (47740.00)
Q4 2020 163,178.00 135,293.00 414.00 (55087.00)
Q1 2021 201,388.00 166,121.00 365.00 (67717.00)
Q2 2021 228,034.00 194,912.00 385.00 (73381.00)
Q3 2021 275,054.00 220,726.00 308.00 (90706.00)
Q4 2021 310,961.00 241,269.00 720.00 (106681.00)
Q1 2022 368,363.00 269,210.00 395.00 (121071.00)
Q2 2022 443,360.00 346,989.00 658.00 (142634.00)
Q3 2022 416,022.00 329,392.00 528.00 (132007.00)
Q4 2022 345,660.00 254,123.00 370.00 (112985.00)
Q1 2023 301,914.00 253,962.00 504.00 (96547.00)
Q2 2023 293,457.00 247,446.00 598.00 (93183.00)
Q3 2023 317,268.00 275,835.00 864.00 (105032.00)
Q4 2023 299,134.00 256,269.00 297.00 (96413.00)
Q1 2024 291,520.00 249,364.00 811.00 (103848.00)
Q2 2024 300,859.00 275,356.00 734.00 (106338.00)
Q3 2024 283,378.00 283,665.00 1,058.00 (103476.00)
Q1 2025 269,507.00 253,011.00 830.00 (93736.00)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 96,357.61 95,676.00 (0.7 %) 95,436.60 (1.0 %)

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Al Rajhi Capital 95,100.00 95,676.00 0.6 % 95,436.60 0.4 %
UBS Saudi Arabia 94,401.40 95,676.00 1.3 % 95,436.60 1.1 %
AlJazira Capital 94,000.00 95,676.00 1.8 % 95,436.60 1.5 %
United Securities Company 94,000.00 95,676.00 1.8 % 95,436.60 1.5 %
JP Morgan 93,820.00 95,676.00 1.9 % 95,436.60 1.7 %
Bank of America 92,458.40 95,676.00 3.4 % 95,436.60 3.1 %
SNB Capital 92,400.00 95,676.00 3.4 % 95,436.60 3.2 %
Goldman Sachs 99,851.60 95,676.00 (4.4) % 95,436.60 (4.6) %
Citi Bank Group 111,187.10 95,676.00 (16.2) % 95,436.60 (16.5) %

Current
Market Cap (M Riyal) 6,025,806.05
Enterprise Value (EV) (M) 6,260,140.05
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 6.09
Par Value -
Adjusted P/E (Last12) 15.61
P/E (TTM) 15.60
Price/book 4.09
Return on Average Assets (%) (TTM) 15.7
Return on Average Equity (%) (TTM) 25.8

Share Price

24.90
(0.08) (0.32 %)

Saudi Arabian Oil Co. (SAUDI ARAMCO)


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