Saudi oil company Aramco has announced a 24.7% drop in its net profits in 2023, reaching a total of 121.3 billion dollars, according to a company statement.
Despite the reduction, Aramco’s profits in 2023 represent the second highest in the company’s history, underlining its ability to adapt to adverse global conditions, as highlighted by the company itself.
The previous year’s results, when the company recorded 161 billion dollars in net profits, were driven by rising crude oil prices amid geopolitical events and the recovery of post-pandemic demand, factors that dissipated over the course of the year.
Aramco attributed the drop in profits in 2023 to lower crude oil prices, volumes sold and refining and chemicals margins, partially offset by factors such as reduced production royalties and lower income taxes.
Aramco CEO Amin Nasser attributed the company’s solid financial performance to its resilience, highlighting the company’s ongoing investments to create greater value in the oil sector.
