Aramco's Profit Declines by 15% in Third Quarter

Forbes - Saudi Arabia's state oil company Aramco (TADAWUL:2222) reported that its third-quarter profit decreased by approximately 15% compared to last year, amounting to $27.5 billion, due to reduced revenues from low oil prices.

In its statement, Aramco stated that it generated $111.1 billion in revenue during the third quarter, down from $113 billion in the same period last year.

In the third quarter of last year, the profit was $32.5 billion.

Aramco attributed the decrease in profit primarily to the impact of low crude oil prices and weakening refining margins.

For the first nine months of 2024, the profit stood at $83.9 billion, compared to $94.5 billion during the same period last year.

Aramco also announced that it would pay a dividend of $20.28 billion and a performance-linked dividend of $10.77 billion for the third quarter.