Saudi Aramco profits shrink to SAR 119.5 billion during Q1, by 19.3%

Saudi Arabian Oil Company “Saudi Aramco” net profit after zakat and tax decreased to SAR 119.5 billion during the first quarter, compared to SAR 148 billion in the same quarter of last year, by 19.3%. This came after the announcement on Tuesday of the interim financial results for the period ended on 31.03.2023.(3 months).

The operating profit amounted to SAR 22.2 billion in the first quarter, compared to SAR 277.7 billion in the same quarter of the previous year, a decline of 20%.

As for sales/revenues, they amounted to SAR 417.5 billion in the first quarter, compared to SAR 467 million in the same quarter of the previous year, a decrease of 11%.

While profit per share in the current period is amounted to SAR 0.49, compared to SAR 0.59 in the same period last year.

Net income for the first quarter of 2023 was SAR 119.54 billion ($31.88 billion), compared to SAR 148.03 billion ($39.47 billion) for the same quarter in 2022. The decrease was mainly driven by lower crude oil prices, partially offset by lower income taxes and zakat and higher finance and other income.

Net income for the first quarter of 2023 was SAR 119.54 billion ($31.88 billion), compared to SAR 115.22 billion ($30.73 billion) for the fourth quarter of 2022. The increase is mainly driven by lower income taxes and zakat, lower operating costs, and higher finance and other income. This was partially offset by lower crude oil prices.

* Given the nature of Saudi Aramco’s business in exploring, prospecting, drilling and extracting hydrocarbon substances (Upstream), Saudi Aramco’s consolidated statement of income does not include gross profit.

** Other income related to sales was SAR 42.37 billion for the first quarter of 2023 (Q1 2022: SAR 49.89 billion, Q4 2022: SAR 53.0 billion). As a result, revenue and other income related to sales amounted to SAR 459.83 billion for the first quarter of 2023 (Q1 2022: SAR 516.90 billion, Q4 2022: SAR 487.17 billion).