Site icon Baltimore Chronicle

Profit of the world's largest oil company Saudi Aramco fell by 25% over the year

The profit of the Saudi oil giant Aramco fell by 25% at the end of the year. In cash in 2023, it amounted to $121.3 billion, which is still the second result in history after the 2022 record of $161.1 billion. CNBC writes about this.

► Subscribe to the Ministry of Finance telegram channel: main financial news

According to the publication, last year the Saudi Arabian government transferred an additional 8% of Aramco shares worth $164 billion to the State Fund investment.

“The decrease in earnings compared to the prior year can be explained by lower crude oil prices and sales volumes, as well as lower refining and chemicals margins, partially offset by lower production royalties during the year and lower taxes “Aramco said.

Total revenue also fell 17% to $440.88 billion compared with $535.19 billion in the previous year.

Exit mobile version