Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) posted a 24.71% year-on-year (YoY) drop in net profit to SAR 454.76 billion in 2023 from SAR 604.01 billion a year earlier.
The company’s revenues plunged 17.62% YoY to SAR 1.65 trillion last year from more than SAR 2 trillion in 2022, according to a press release.
Aramco attributed the decline in revenues to the decrease in crude oil prices and production levels, along with the decrease in the prices of refining and chemical products.
The earnings per share (EPS) reached SAR 1.87 in the 12-month period that ended on 31 December 2023, down from SAR 2.47 the year before.
Cash Dividends
Saudi Aramco announced the distribution of SAR 76.09 billion in base dividends for the fourth quarter (Q4) of 2023, up 4% from the previous quarter.
The company also declared the third distribution of the performance-linked dividends to shareholders at a value of SAR 40.41 billion based on the combined financial results of 2022 and 2023.
The eligibility date is 13 March and the payment date is 28 March.
Amin Nasser, President & CEO of Saudi Aramco, said: “In 2023 we achieved our second-highest ever net income. Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds. We also delivered for our shareholders with a 30% year-on-year increase in total dividends paid in 2023.”
“The recent directive from the government to maintain our Maximum Sustainable Capacity at 12 million barrels per day provides increased flexibility, as well as an opportunity to focus on increasing gas production and growing our liquids-to-chemicals business,” Nasser added.
He noted: “In parallel, announcements of our first international investment in LNG, the growth of our international retail operations, continued progress in major overseas refining and chemical projects, and our emerging new energies portfolio all serve to highlight our ability to capitalize on new market opportunities and advance our strategic objectives.”
In the first nine months (9M) of 2023, Aramco recorded a 27.46% YoY drop in net profit to SAR 354.54 billion from SAR 488.78 billion.
