The Saudi oil giant “Aramco” revealed that its profits in the first quarter of 2024 declined by 14.4%, bringing its profits to about 102.3 billion riyals, equivalent to 27.3 billion dollars, compared to profits for the same period in 2023, which recorded 119.54 billion riyals, equivalent to 31.88 billion. dollar.

Expectations indicated a decline in profits by 10%, compared to the first quarter of 2023, to reach about 106 billion riyals, equivalent to about 28.3 billion dollars.

Aramco announced – in a disclosure to the Saudi Stock Exchange “Tadawul” – that the decline in the company’s net profits is primarily due to the decrease in the quantities of crude oil sold, in addition to weak profit margins in the refining and chemicals business, and a decrease in financing and other income.

Aramco’s revenues in the first quarter of 2024 declined by about 3.6% to 402 billion riyals, equivalent to approximately 107.21 billion dollars, compared to revenues for the same period in 2023, which reached 417.46 billion riyals, equivalent to 111.32 billion dollars, according to business results.

The company's quarterly revenues also declined by about 1.7%, while net profit increased by 2%.

Aramco announced the distribution of basic dividends to shareholders amounting to 76.1 billion riyals for the first quarter of 2024, in addition to distributing 40.41 billion riyals in performance-related dividends according to the full annual results for the years 2022 and 2023, bringing the total distributions to 116.51 billion riyals.

Aramco is currently distributing 116.5 billion riyals per quarter throughout 2024, including basic dividends of approximately 76 billion riyals, and performance-related dividends of 40.4 billion riyals.