Saudi Aramco’s Q1 net profit rises 3.75% q-o-q to $32bn

Saudi Aramco’s Q1 net profit rises 3.75% q-o-q to $32bn

RIYADH: Saudi Arabian Oil Co. reported a net profit of SR119.54 billion ($31.88 billion) in the first quarter of 2023, up 3.75 percent from SR115.22 billion recorded in the previous quarter.

In a statement to Tadawul, Saudi Aramco said that the rise in quarter-on-quarter net profit was driven by lower income taxes and zakat, reduced operating costs, and higher finance and other income.

“The results reflect Aramco’s continued high reliability, focus on cost and our ability to react to market conditions as we generate strong cash flows and further strengthen the balance sheet,” said Amin Nasser, CEO of Saudi Aramco.

The energy giant’s net profit for the first quarter is more than three-quarters of the $40.5 billion in combined first-quarter profits reported by five oil majors: BP and Shell in Britain, ExxonMobil and Chevron in the US, and TotalEnergies in France.

Aramco’s net profit, however, dipped 19.25 percent year-on-year in the first quarter, as the company clocked a profit of SR148.03 billion in the same quarter of 2022.

“Global crude oil prices declined in the first quarter of 2023 mainly driven by macroeconomic events contributing to market volatility. Aramco believes it is well-positioned to withstand fluctuating commodity prices through its low-cost upstream production and strategically