Riyadh: Saudi Aramco, the largest oil company in the world, announced that its profits in the first quarter of 2023 amounted to 119.54 billion riyals (about $31.9 billion), down 19 per cent from the same period last year.
According to a company disclosure on the local stock exchange website, Aramco had recorded profits of about 148 billion riyals ($39.5 billion) in the first quarter of 2022.
The company attributed the reason for the decline in profits to the decline in crude oil prices, which was partially offset by a decrease in income and zakat taxes and an increase in financing income and other income.
Net income rose 3.75 per cent from the fourth quarter of 2022.
The company’s revenues fell 10.5 per cent in the first quarter to 417 billion riyals (111.2 billion dollars), compared to 476 billion riyals (127 billion dollars) in the same period last year.
Aramco will pay a dividend of 19.5 billion dollars for the first quarter, in line with the previous quarter.
“The net income could have been higher, but Aramco is ramping up its investment, unlike (international oil companies) who are still adhering to more capital discipline,” Jami Ingram, senior editor of the Middle East Economic Survey, MESS, told AFP.
Aramco ahead
Despite the decline in its profits, Aramco outperformed the profits of oil production giants around the world, after announcing the results of the first quarter of 2023.
According to a survey conducted by Anadolu Agency on Tuesday, on the data of the six largest oil companies in the world:
- Aramco topped the profits during the first quarter, with a total of 31.9 billion dollars.
- ExxonMobil came again with a net profit of 11.43 billion dollars.
- Shell came third, with total profits of 8.71 billion dollars.
- British Petroleum came fourth with a net profit of 8.22 billion dollars.
- In fifth place came Chevron, with 6.57 billion dollars.
- Then Total, a sixth, with 5.6 billion dollars.
