Aramco’s profits decreased to 452.5 billion riyals (-24%) by the end of 2023… and fourth-quarter profits reached 102.7 billion riyals (-18%)

Profits decreased Saudi Arabian Oil Company (Aramco) is the largest national oil company in the world. 452.5 One billion riyals (after excluding minority rights) by the end of 2023, at a rate of 24%, compared to profits of 597.2 billion riyals achieved during the same period in 2022.

The company said that the reason Decreased profits During the current period compared to the similar period of the previous year, due to:

– Decrease in revenues due to the impact of the decline in crude oil prices and quantities sold, and weak profit margins in the refining and chemicals business.

And he met that Partially lower rents on crude oil production, and lower income taxes and zakat.

additional information:

The company also said that shareholders’ equity (after excluding minority rights) at the end of the period amounted to 1,534.6 billion riyals, compared to 1448.9 one billion Riyals as at the end of the corresponding period of the previous year.

Statement of the type of auditor’s report: Unmodified opinion

The company indicated the following:

– Due to the nature of Saudi Aramco’s business in the field of research, exploration, drilling, and extraction of hydrocarbon materials (exploration and production), Saudi Aramco’s consolidated income statement does not include a gross profit item.

Other income related to sales amounted to SAR 203.09 billion (2022: SAR 259.42 billion) for the year ending December 31, 2023. As a result, total revenues and other income related to sales amounted to SAR 1,856.37 billion (2022: SAR 2,266.37 billion) for the year ended December 31, 2023.

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