Aramco’s 2024 profit dips 13% to SAR 393.9B; Q4 at SAR 86.8B
04/03/2025
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Saudi Arabian Oil Co. (Saudi Aramco) posted a net profit after minority interest of SAR 393.9 billion for 2024, a decline of 13% from SAR 452.8 billion a year earlier.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 1,856,373.00 | 1,801,674.00 | (2.9 %) |
| Gross Income | 1,047,414.00 | 972,885.00 | (7.1 %) |
| Operating Income | 871,667.00 | 774,929.00 | (11.1 %) |
| Net Income | 452,753.00 | 393,891.00 | (13.0 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| Earnings Per Share before unusual items | 1.86 | 1.63 | (12.5 %) |
| EPS (Riyals) | 1.87 | 1.63 | (13.0 %) |
Before minority interest, the annual net profit reached SAR 398.4 billion, compared to SAR 454.8 billion in 2023.
The 2024 net profit fall was attributed to lower crude oil prices and sales volumes, along with a decline in refined and chemical product prices. This was partially offset by higher sales volumes of refined and chemical products.
The major oil producer also cited a decline in other income related to sales, higher operating costs, as well as lower finance and other income. This was partially offset by lower income taxes and Zakat.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 459,287.00 | 428,591.00 | (6.7 %) |
| Gross Income | 248,767.00 | 229,776.00 | (7.6 %) |
| Operating Income | 199,104.00 | 173,353.00 | (12.9 %) |
| Net Income | 102,867.00 | 86,756.00 | (15.7 %) |
| Average Shares | 242,000.00 | 242,000.00 | - |
| Earnings Per Share before unusual items | 0.43 | 0.36 | (15.6 %) |
| EPS (Riyals) | 0.43 | 0.36 | (15.7 %) |
In Q4 2024, Aramco generated a net income after minorities of SAR 86.8 billion, a drop of 15.7% from SAR 102.8 billion in the prior-year period.
Similarly, net income dropped by 11.1% from SAR 97.6 billion in the previous quarter.
Total shareholders’ equity, after minority interest, increased to SAR 1.45 trillion as of Dec. 31, 2024, from SAR 1.53 trillion a year earlier.
Attached Documents
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 103,356.00 | (12.0 %) | 0.43 | (366.00) | 103,722.00 | 0.43 |
| Q2 2024 | 106,158.00 | (2.5 %) | 0.44 | 184.00 | 105,974.00 | 0.44 |
| Q3 2024 | 97,621.00 | (21.0 %) | 0.40 | (80.00) | 97,701.00 | 0.40 |
| Q4 2024 | 86,756.00 | (15.7 %) | 0.36 | (42.00) | 86,798.00 | 0.36 |
| 2024 | 393,891.00 | (13.0 %) | 1.63 | (304.00) | 394,195.00 | 1.63 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 437,847.00 | (4.8 %) | 248,740.00 | (4.5 %) | 202,414.00 | (9.0 %) |
| Q2 2024 | 470,611.00 | 5.0 % | 254,336.00 | 1.5 % | 206,267.00 | (3.0 %) |
| Q3 2024 | 464,625.00 | (5.0 %) | 240,033.00 | (16.6 %) | 192,895.00 | (18.8 %) |
| Q4 2024 | 428,591.00 | (6.7 %) | 229,776.00 | (7.6 %) | 173,353.00 | (12.9 %) |
| 2024 | 1,801,674.00 | (2.9 %) | 972,885.00 | (7.1 %) | 774,929.00 | (11.1 %) |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 56.47 % | 51.80 % | 24.05 % |
| Q2 2024 | 55.99 % | 50.97 % | 23.66 % |
| Q3 2024 | 54.13 % | 49.42 % | 22.39 % |
| Q4 2024 | 54.00 % | 48.74 % | 21.88 % |
| 2024 | 54.00 % | 48.74 % | 21.88 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 242,000.00 | 1.81 | 1.82 | 6.30 |
| Q2 2024 | 242,000.00 | 1.80 | 1.82 | 6.23 |
| Q3 2024 | 242,000.00 | 1.69 | 1.70 | 6.15 |
| Q4 2024 | 242,000.00 | 1.63 | 1.63 | 6.03 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 17.02 | 16.93 | 4.90 |
| Q2 2024 | 15.49 | 15.37 | 4.48 |
| Q3 2024 | 16.00 | 15.99 | 4.40 |
| Q4 2024 | 17.23 | 17.22 | 4.66 |
Business Segments (Million)
Q3 2024
| Period | upstream | Downstream | CorporateS | Eliminations |
|---|---|---|---|---|
| Q1 2024 | 291,520.00 | 249,364.00 | 811.00 | (103848.00) |
| Q2 2024 | 300,859.00 | 275,356.00 | 734.00 | (106338.00) |
| Q3 2024 | 283,378.00 | 283,665.00 | 1,058.00 | (103476.00) |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Average | 87,568.75 | 86,756.00 | (0.9 %) |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Citi Bank Group | 84,934.00 | 86,756.00 | 2.1 % |
| United Securities Company | 89,000.00 | 86,756.00 | (2.5) % |
| UBS Saudi Arabia | 89,191.28 | 86,756.00 | (2.7) % |
| RBC Capital | 80,939.10 | 86,756.00 | 7.2 % |
| Bank of America | 94,153.90 | 86,756.00 | (7.9) % |
| AlJazira Capital | 95,407.00 | 86,756.00 | (9.1) % |
| SNB Capital | 79,356.00 | 86,756.00 | 9.3 % |
| Current | |
| Market Cap (M Riyal) | 6,449,300.00 |
| Enterprise Value (EV) (M) | 6,669,405.00 |
| Shares Outstanding ((M)) | 242,000.00 |
| EPS ( Riyal) (TTM) | 1.63 |
| Book Value (BV) ( Riyal) | 6.03 |
| Par Value | - |
| Adjusted P/E (Last12) | 16.36 |
| P/E (TTM) | 16.37 |
| Price/book | 4.42 |
| Return on Average Assets (%) (TTM) | 16.1 |
| Return on Average Equity (%) (TTM) | 20.0 |
Share Price
Saudi Arabian Oil Co. (SAUDI ARAMCO)
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