HomeIndustriesOil Giant Aramco Announces Slide in Profits

Oil Giant Aramco Announces Slide in Profits

Saudi Arabia’s national oil company Aramco announced its financial results for 2023 on Sunday, revealing that it earned $121 billion in profit for the year. This is a decline from the record $161 billion profit in 2022, the largest ever to be reported by a publicly traded company. The company is listed on the Tadawul stock market in Riyadh.

Aramco has scheduled a conference call for Monday to break down its financial performance over the past year to investors. Still, the company provided a diagnosis for its financial decline in a filing explaining: “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins.”

Part of what provides Aramco an edge in the oil industry is that the company is located in Saudi Arabia; home to vast oil resources located close to the surface of its deserts. This makes it one of the most affordable places to produce oil.

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