Saudi oil giant Aramco reports 14.4% drop in net profit in 1Q24

Saudi Arabia’s national oil company, Aramco, posted a 14.4% drop in net profit during the first quarter of 2024 in line with analyst expectations, according to its financial results statement released on Tuesday.

The company earned around $27.3 billion in the first quarter of this year, compared to $31.9 billion in the same quarter last year.

The revenue for the January–March period reached around $107.2 billion, compared to $111.3 billion for the same quarter of 2023.

The fall in the company’s profit was partially due to lower production royalties and an increase in crude oil prices compared to the same period last year.

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

“We also continue to execute our long-term strategy, and in the first quarter we made significant progress on expanding our gas business and growing our globally integrated downstream value chain while maintaining our focus on consistently delivering value for our shareholders,” he added.

He also stated that the company’s portfolio would evolve with the aim of contributing to the energy transition while recognizing the need for affordable, reliable and flexible energy supplies.

• Amin H. Nasser
• Saudi Aramco’s President and CEO