Aramco logs SAR 119.5m profits in Q1-23; dividends, capital raise unveiled

Aramco logs SAR 119.5m profits in Q1-23; dividends, capital raise unveiled

Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Arabian Oil Company (Aramco) declined by 19.25% to SAR 119.54 billion in the first quarter (Q1) of 2023, versus SAR 148.03 billion in Q1-22.

Revenues hit SAR 417.46 billion during January-March 2023, down 10.61% from SAR 467 billion in the year-ago period, according to the interim financial results.

The earnings per share (EPS) retreated to SAR 0.49 in Q1-23 from SAR 0.59 in Q1-22.

On a quarterly basis, the Q1-23 net profits after Zakat and tax grew by 3.75% from SAR 115.22 billion in Q4-22, while the revenues went down by 3.85% from SAR 434.17 billion.

Amin Nasser, President and CEO of Aramco, stated: “Our growth strategy remains on track and we made significant progress on the strategic expansion of our Downstream business during the quarter, announcing a key acquisition in the US as well as important investments and partnerships in China and South Korea.”

“We are also moving forward with our capacity expansion, and our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future,” Nasser added.

Dividends

In a separate bourse disclosure, the oil giant announced cash dividends amounting to