Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record

Saudi oil giant Aramco disclosed a profit of USD 121 billion for the year 2023, marking a decline from its record-breaking performance in 2022, attributed to reduced energy prices.

PTI

March 10, 2024 / 13:44 IST

Aramco's Profit Slips to $121 Billion in 2023

Saudi oil giant Aramco reported Sunday a USD 121 billion profit last year, down from its 2022 record due to lower energy prices.

Aramco made the announcement in a filing in Riyadh’s Tadawul stock market.

It had reported a USD 161 billion profit in 2022, likely the largest ever reported by a publicly traded company.

The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins, the company said in its filing. (AP)

PTI

first published: Mar 10, 2024 01:35 pm

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