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

BY JON GAMBRELL

DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices.

The results still marked the company’s second highest ever result, Aramco said, as members of the OPEC+ alliance continue to cut their production to try to boost global energy prices. However, lower results also squeeze the kingdom as it embarks on a massive development project under its assertive crown prince to wean itself off oil revenues.

Aramco had reported a $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 to the Tadawul stock market.

Despite being lower this year, Aramco boosted the dividends