Aramco H1 2023 profit dips 28% to SAR 226.4 bln; Q2 at SAR 108.9 bln

Saudi Arabian Oil Co. (Saudi Aramco) reported a net profit of SAR 226.4 billion after minority interest in H1 2023, a drop of 28% from SAR 315.8 billion a year earlier. 

The decline in the six-month profit was attributed to lower crude oil prices and weakening refining and chemicals margins. This was partially offset by a decrease in production royalties, largely due to lower average effective royalty rate and crude oil prices, higher finance and other income, and lower income taxes and Zakat. 

In Q2 2023, net profit declined 37% to SAR 108.9 billion from SAR 173.79 billion in the year-earlier period primarily due to lower crude oil prices and weakening refining and chemicals margins. This was partially offset by a decline in production royalties, largely attributable to lower crude oil prices and lower average effective royalty rate, and lower income taxes and Zakat.

The world’s largest oil exporter reported a decrease of 7.3% in Q2 net profit from SAR 117.47 billion in Q1 2023 on decreasing refining and chemicals margins and lower crude oil prices.  

Shareholders’ equity, after minority interest, rose to SAR 1.52 trillion as of June 30, 2023, from SAR 1.30 trillion a year earlier.

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