Aramco profit drops 24% to $121bn on lower crude prices

Aramco profit drops 24% to $121bn on lower crude prices

Saudi Aramco said net profit fell 24 percent year on year to SAR455 billion ($121.3 billion) in 2023. The profit drop was due to lower crude oil prices and volume sales, as well as reduced refining and chemicals margins, despite decreased production royalties and lower income taxes. Free cash flow reached $101 billion last year, […]Saudi Aramco said net profit fell 24 percent year on year to SAR455 billion ($121.3 billion) in 2023.

The profit drop was due to lower crude oil prices and volume sales, as well as reduced refining and chemicals margins, despite decreased production royalties and lower income taxes.

Free cash flow reached $101 billion last year, compared to $148.5 billion in 2022.

Total dividends reached $97.8 billion in 2023, up 30 percent year on year.

The world’s largest oil producer also declared a base dividend of $20.3 billion for the fourth quarter of 2023, which will be paid in the first quarter of 2024.

In addition, the company’s board approved the third distribution of performance-linked dividends worth $10.8 billion.

Last August, the company announced its intention to calculate the first performance-linked dividends based on the combined full-year results of 2022 and 2023.

The payout would be distributed over six quarters starting from