Aramco’s Q1 profit down 17% to SAR 117.5 bln
Saudi Arabian Oil Co. (Saudi Aramco) reported a drop in Q1 2023 net profit to SAR 117.5 billion, from SAR 142 billion in the prior-year period.
Current Quarter Comparison (M)
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 516,897.00 | 459,833.00 | (11.0 %) |
| Gross Income | 319,172.00 | 260,337.00 | (18.4 %) |
| Operating Income | 277,705.00 | 222,328.00 | (19.9 %) |
| Net Income | 142,012.00 | 117,471.00 | (17.3 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| EPS (Riyals) | 0.59 | 0.49 | (17.3 %) |
The decline was attributed to lower crude oil prices. However, this was partially offset by lower income tax and Zakat expenses, along with higher finance and other income.
The first-quarter net profit declined 6.3% from SAR 125.34 billion in Q4 2022 on lower crude oil prices.
Shareholders’ equity, after minority interest, rose to SAR 1.49 trillion as of March 31, 2023, from SAR 1.19 trillion a year earlier.
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