Saudi Aramco's profits fell by about 15.4% to 103.37 billion riyals in the third quarter of this year.
According to what the company revealed today, Tuesday, November 5, revenues decreased by 1.8% to 416.6 billion riyals.
According to the statement, Aramco's profits and revenues during the comparison period a year ago amounted to 122.1 billion and 424.1 billion riyals.
As for the reasons for the decline in revenues, the company indicated the decline in the prices of crude oil, refined products and chemicals, which was partially offset by the increase in quantities sold during the period.
Regarding the reason behind the decline in profits, Aramco explained that it is due to the impact of lower crude oil prices and weak refining profit margins. This was partially offset by lower selling, general and administrative expenses, driven mainly by gains on derivatives, lower production revenues, and lower income taxes and zakat.
116.5 billion riyals.. Dividend distributions
Saudi Aramco revealed dividends worth a total of 116.45 billion riyals, including basic dividends worth 76.06 billion riyals and performance-related dividends worth 40.39 billion riyals.
The share per share of the total distributed amount amounted to 0.4815 riyals per share.
9-month profit decline
As for the first 9 months of this year, total revenues amounted to 1.24 trillion riyals, which was relatively consistent with the same period in 2023.
Net income amounted to 314.65 billion riyals during the period from January to September, which is lower than the level of 354.54 billion riyals recorded during the same period last year.
