Saudi Arabia Oil Giant Aramco Announces $121 Billion Profit in 2023

By News Desk on March 11, 2024

Riyadh: Saudi oil giant Aramco today reported it made $121 billion in profit last year (2023), down from its 2022 record due to lower energy prices.

The results still marked the company’s second highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices. Aramco had reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company.

“The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing to the Tadawul stock market.

Despite being lower this year (2024), Aramco boosted the dividends due to its stock holders to over $31 billion in the fourth quarter, according to filings. Aramco reported overall revenue of $440 billion last year (2023), down from $535 billion in 2022.

more recommended stories

India’s GDP Could Reach $38 Trillion in 20 Years, Says NSA Ajit Doval
India’s Economy Could Reach $38 Trillion.
Russian LNG Exports to China Surge 28.3% in First Eight Months of 2026
Beijing: Russia exported 5.153 million tonnes.
China Successfully Launches 9 Satellites Into Space on Lijian-1Y18 Rocket
Beijing: China successfully launched nine satellites.
AJMS Group Supports DDSC Across Compliance Systems Implementation
Dubai: AJMS Group announces its ongoing.
Gaza School Year Begins with 541,000 Students Under Exceptional Conditions
Gaza School Year Begins After Three-Year.
Japan tests robot trash bins at world’s busiest rail station
Japan’s busiest railway station is testing.
New cat species identified in Bolivia, first in over a century
A diminutive wild cat that inhabits.
Japan’s Nikkei Rises 0.3% to 64,136 as Gaming and Pharma Stocks Gain
Japan’s Nikkei Ends Higher as Gaming.
European Stocks Rise After US Federal Reserve Interest Rate Hike
London: European shares edged higher today.
King Charles says ‘our humanity must remain sacred’ as AI debate grows
King Charles III will urge global.

Terms of Use:

This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.

All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.

All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.

The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.

Privacy Policy:
This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.

Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.