Saudi Arabian Oil Company (Saudi Aramco) profits declined by 14.45% in the first quarter of 2024, compared to the same quarter of 2023, amid lower crude oil sales and weak profit margins in refining and chemicals businesses.
The company's results revealed today, Tuesday, that net profit declined to 102.27 billion riyals for the first quarter of this year, compared to 119.54 billion riyals during the same period last year.
The company explained that the decrease in profits is primarily due to lower quantities of crude oil sold, weak profit margins in refining and chemicals businesses, and lower financing and other income.
She pointed out that this was partially offset by lower revenues from crude oil production, higher crude oil prices compared to the same period of the previous year, and lower income and zakat taxes.
The company's revenues amounted to 402.04 billion riyals for the first quarter of 2024, compared to 417.46 billion riyals for the same period in 2023.
The company noted that this decrease in revenues is mainly attributed to the decrease in the quantities of crude oil sold, which was partially offset by the increase in crude oil prices during the period.
On a quarterly basis, the company's profits increased by 2.05%, compared to the previous quarter's profits of 100.22 billion riyals.
