Aramco’s net income falls 14.4% in Q1 ’24 – report

Saudi Arabia’s state-owned oil giant Aramco reported on Tuesday a 14.4 per cent decline in net income for the first quarter of 2024, due to reduced sales of crude oil, weaker margins in refining and chemicals, and lower finance and other income.

The company’s net income came in at SAR 103.4 billion ($27.3 billion) for the quarter ending March 31, 2024, compared to SAR 117.5 billion ($31.9 billion) in the same period last year.

Aramco’s quarterly revenue also dipped slightly, falling 3.7 per cent to SAR 402.04 billion ($107.2 billion) from SAR 417.5 billion ($111.3 billion) a year earlier, as per the report.

Despite the decrease in profit, some positive indicators emerged for Aramco’s shareholders. Total shareholder equity rose 2.2 per cent year-over-year to SAR 1.5 trillion ($406.3 billion).

Meanwhile, capital expenditures were also well-managed, coming in at SAR 40.6 billion ($10.8 billion) for the quarter.

“Our first quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries and to people worldwide,” Aramco’s CEO Amin H. Nasser said.