Saudi oil group Aramco reported on Sunday a 24.7% drop in net profit in 2023 compared to 2022 amid falling oil prices and lower production, AFP reported.
Aramco said it posted a net profit of 454.7 billion riyals (about $121.25 billion) in 2023, following a record net profit of $161.07 billion in 2022.
Total revenue also fell 17 percent to $440.88 billion from $535.19 billion last year.
The decline mainly reflects the impact of lower oil prices and lower sales volumes, as well as lower margins in the refining and petrochemical industries, Aramco said.
However, dividends paid by the oil company in 2023 were almost $98 billion, and the company is on track to reward its shareholders with $124.3 billion this year, which would represent a 66% increase compared to 2021.
Aramco is the largest oil company in the world with crude oil reserves of approximately 265 billion barrels, or 15% of global oil reserves. (Agerpress)
Source: Hot News
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