Financial Results : Aramco H1 2025 profit dips 14% to SAR 181.3B; Q2 at SAR 85.6B

Aramco H1 2025 profit dips 14% to SAR 181.3B; Q2 at SAR 85.6B

05/08/2025 Argaam Exclusive

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Saudi Arabian Oil Co. (Saudi Aramco) posted a 14% drop in net profit, after minority interest, to SAR 181.3 billion for the first half of 2025, down from SAR 209.5 billion in the prior year period.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 908,458.00 836,754.00 (7.9 %)
Gross Income 503,076.00 452,216.00 (10.1 %)
Operating Income 408,626.40 361,754.60 (11.5 %)
Net Income 209,514.00 181,308.00 (13.5 %)
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Halala) 86.63 76.28 (11.9 %)
EPS (Halala) 86.58 74.92 (13.5 %)

Net profit before minority interest decreased to SAR 182.6 billion, compared with SAR 211.3 billion in H1 2024.

 

Aramco said revenue fell by 7.9% year-on-year to SAR 836.75 billion, primarily due to lower crude oil selling prices and weaker prices for refined and chemical products. The decline was partially offset by higher traded volumes of crude oil compared to the same quarter of the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 470,611.00 407,142.00 (13.5 %)
Gross Income 254,336.00 217,963.00 (14.3 %)
Operating Income 206,322.20 170,633.00 (17.3 %)
Net Income 106,158.00 85,632.00 (19.3 %)
Average Shares 242,000.00 242,000.00 -
Earnings Per Share before unusual items (Halala) 43.81 36.85 (15.9 %)
EPS (Halala) 43.87 35.39 (19.3 %)

In Q2 2025, Aramco’s net earnings saw a drop of 19% to reach SAR 85.6 billion, compared to SAR 106.15 billion a year earlier.

 

Compared to Q1 2025, the oil giant’s net earnings declined by 10.5% from SAR 95.67 billion.

 

Total shareholders’ equity, after minority interest, reached SAR 1.48 trillion as of June 30, 2025, down from SAR 1.50 trillion a year earlier.

 

Attached Documents

 

View More Financial Results

 


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 %)
Q2 2025 407,142.00 (13.5 %) 217,963.00 (14.3 %) 170,633.00 (17.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Halala)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 91,787.00 - 37.93 - 91,787.00 37.93
Q2 2018 106,574.00 - 44.04 - 106,574.00 44.04
Q3 2018 113,375.00 - 46.85 - 113,375.00 46.85
Q4 2018 104,460.00 - 43.17 - 104,460.00 43.17
Q1 2019 83,226.00 (9.3 %) 34.39 - 83,226.00 34.39
Q2 2019 92,791.00 (12.9 %) 38.34 - 92,791.00 38.34
Q3 2019 79,788.00 (29.6 %) 32.97 - 79,788.00 32.97
Q4 2019 75,011.00 (28.2 %) 31.00 - 75,011.00 31.00
Q1 2020 63,532.00 (23.7 %) 26.25 - 63,532.00 26.25
Q2 2020 25,370.00 (72.7 %) 10.48 - 25,370.00 10.48
Q3 2020 44,278.00 (44.5 %) 18.30 - 44,278.00 18.30
Q4 2020 51,746.00 (31.0 %) 21.38 - 51,746.00 21.38
Q1 2021 78,590.00 23.7 % 32.48 - 78,590.00 32.48
Q2 2021 90,902.00 258.3 % 37.56 - 90,902.00 37.56
Q3 2021 109,072.00 146.3 % 45.07 - 109,072.00 45.07
Q4 2021 116,639.00 125.4 % 48.20 - 116,639.00 48.20
Q1 2022 142,012.00 80.7 % 58.68 - 142,012.00 58.68
Q2 2022 173,795.00 91.2 % 71.82 3,064.00 170,731.00 70.55
Q3 2022 156,068.00 43.1 % 64.49 - 156,068.00 64.49
Q4 2022 125,340.00 7.5 % 51.79 464.00 124,876.00 51.60
Q1 2023 117,471.00 (17.3 %) 48.54 4,491.00 112,980.00 46.69
Q2 2023 108,881.00 (37.4 %) 44.99 1,141.00 107,740.00 44.52
Q3 2023 123,534.00 (20.8 %) 51.05 (2270.30) 125,804.30 51.99
Q4 2023 102,867.00 (17.9 %) 42.51 - 102,867.00 42.51
Q1 2024 103,356.00 (12.0 %) 42.71 (256.20) 103,612.20 42.81
Q2 2024 106,158.00 (2.5 %) 43.87 128.80 106,029.20 43.81
Q3 2024 97,621.00 (21.0 %) 40.34 (56.00) 97,677.00 40.36
Q4 2024 86,756.00 (15.7 %) 35.85 (29.40) 86,785.40 35.86
Q1 2025 95,676.00 (7.4 %) 39.54 239.40 95,436.60 39.44
Q2 2025 85,632.00 (19.3 %) 35.39 (3541.00) 89,173.00 36.85

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 % 60.72 % 29.43 %
Q3 2019 61.96 % 59.63 % 28.16 %
Q4 2019 61.77 % 58.63 % 26.75 %
Q1 2020 61.21 % 58.08 % 26.16 %
Q2 2020 60.25 % 56.37 % 24.21 %
Q3 2020 59.11 % 54.36 % 22.37 %
Q4 2020 59.09 % 53.31 % 21.45 %
Q1 2021 59.59 % 53.40 % 21.93 %
Q2 2021 60.35 % 55.00 % 23.65 %
Q3 2021 61.29 % 56.62 % 25.42 %
Q4 2021 61.32 % 57.10 % 26.32 %
Q1 2022 61.36 % 57.26 % 26.69 %
Q2 2022 60.04 % 56.02 % 26.70 %
Q3 2022 58.68 % 54.71 % 26.31 %
Q4 2022 58.41 % 54.52 % 26.20 %
Q1 2023 57.26 % 53.47 % 25.56 %
Q2 2023 56.94 % 53.29 % 24.97 %
Q3 2023 57.76 % 53.55 % 25.02 %
Q4 2023 56.42 % 52.13 % 24.21 %
Q1 2024 56.47 % 51.74 % 23.99 %
Q2 2024 55.99 % 50.92 % 23.61 %
Q3 2024 54.13 % 49.42 % 22.39 %
Q4 2024 54.00 % 48.74 % 21.87 %
2024 54.00 % 48.74 % 21.87 %
Q1 2025 53.44 % 48.31 % 21.52 %
Q2 2025 53.30 % 48.09 % 21.33 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Earnings Per Share before unusual items (Halala) 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 242,000.00 171.98 171.98 4.20
Q1 2019 242,000.00 168.44 168.44 -
Q2 2019 242,000.00 162.75 162.75 4.19
Q3 2019 242,000.00 148.87 148.87 4.29
Q4 2019 242,000.00 136.70 136.70 4.28
Q1 2020 242,000.00 128.56 128.56 4.42
Q2 2020 242,000.00 100.70 100.70 4.24
Q3 2020 242,000.00 86.03 86.03 4.15
Q4 2020 242,000.00 76.42 76.42 4.09
Q1 2021 242,000.00 82.64 82.64 4.18
Q2 2021 242,000.00 109.72 109.72 4.25
Q3 2021 242,000.00 136.49 136.49 4.41
Q4 2021 242,000.00 163.31 163.31 4.60
Q1 2022 242,000.00 189.51 189.51 4.95
Q2 2022 242,000.00 223.77 222.50 5.38
Q3 2022 242,000.00 243.19 241.92 5.74
Q4 2022 242,000.00 246.78 245.33 5.99
Q1 2023 242,000.00 236.64 233.33 6.16
Q2 2023 242,000.00 209.82 207.30 6.32
Q3 2023 242,000.00 196.37 194.79 6.38
Q4 2023 242,000.00 187.09 185.70 6.34
Q1 2024 242,000.00 181.26 181.83 6.30
Q2 2024 242,000.00 180.13 181.12 6.23
Q3 2024 242,000.00 169.42 169.50 6.15
Q4 2024 242,000.00 162.76 162.85 6.03
Q1 2025 242,000.00 159.59 159.47 6.09
Q2 2025 242,000.00 151.11 152.51 6.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring 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
Q2 2025 16.09 15.95 3.97

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)
Q2 2025 240,546.00 256,656.00 660.00 (90720.00)

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 88,623.03 85,632.00 89,173.00

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Bank of America 86,314.26 85,632.00 89,173.00
UBS Saudi Arabia 86,921.90 85,632.00 89,173.00
JP Morgan 88,377.30 85,632.00 89,173.00
Al Rajhi Capital 88,500.00 85,632.00 89,173.00
SNB Capital 88,503.00 85,632.00 89,173.00
Citi Bank Group 88,616.60 85,632.00 89,173.00
United Securities Company 89,000.00 85,632.00 89,173.00
AlJazira Capital 90,600.00 85,632.00 89,173.00
Goldman Sachs 90,774.20 85,632.00 89,173.00


Financial Ratios
Current
Market Cap (M Riyal) 6,037,906.05
Enterprise Value (EV) (M Riyal) 6,313,771.05
Shares Outstanding ((M)) 242,000.00
EPS ( Riyal) (TTM) 1.51
Book Value (BV) ( Riyal) 6.13
Par Value -
Recurring P/E 16.36
P/E (TTM) 16.51
Price/book 4.07
Return on Average Assets (%) (TTM) 14.9
Return on Average Equity (%) (TTM) 24.4
EV/adj EBITDA 7.59
EV/Revenues 3.65
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Share Price

Saudi Arabian Oil Co.
24.95
0.02 0.08 %

Saudi Arabian Oil Co. (SAUDI ARAMCO)

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