The Saudi oil behemoth Aramco disclosed its financial earnings, revealing a $121 billion profit for the past year. Although these numbers didn’t reach the historic highs of the previous year, they still represent the company’s second-best performance to date. As the OPEC+ nations persist in their strategy of limiting oil production, they aim to bolster the global prices of energy commodities.
Aramco’s profits in 2022 soared to $161 billion, setting the record for the highest profits ever reported by a publicly listed entity. The recent decline in earnings is attributed to several factors, including the downward trend in crude oil prices, reduced sales volume, and weaker profit margins in the refining and chemical sectors, as stated in the company’s financial disclosure to the Tadawul stock exchange.
Notwithstanding the dip in yearly profits, Aramco increased its dividend payments to shareholders, exceeding $31 billion in the final quarter of the year. The oil giant has scheduled a conference call to further elaborate on its financial outcomes.
Reporting a total revenue of $440 billion in the last year, there was a noticeable decrease from the $535 billion revenue of 2022. Aramco CEO Amin H. Nasser highlighted the company’s resilience and adaptability, which led to substantial cash flows and profitability amidst challenging economic conditions.
With a daily output of 12.8 million barrels of oil, Aramco has adhered to production levels set by the Saudi government, disregarding previous plans to expand output. Saudi Arabia, an influential member of OPEC, has coordinated with Russia and other non-OPEC countries to suppress production, aiming to lift the global oil prices, which recently hovered below $82 a barrel.
Currently valued at $2 trillion, Aramco witnessed the transfer of an additional 8 percent of its shares to Saudi Arabia’s significant sovereign wealth fund by Crown Prince Mohammed bin Salman, an allotment valued at over $160 billion.