Saudi Arabia’s state oil giant, Aramco, reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022. The decrease can be attributed to lower crude oil prices and volumes sold, as well as reduced refining and chemicals margins. However, Aramco’s total revenue also fell 17% to $440.88 billion in 2023, compared to $535.19 billion the previous year. Despite the decline, the result still represents Aramco’s second-highest ever net income. Free cash flow also decreased to $101.2 billion in 2023. Aramco’s shares were transferred to Saudi Arabia’s Public Investment Fund, allowing it to benefit from Aramco’s dividend payout policy. Total dividends of $97.8 billion were paid in 2023, an increase of 30% compared to the previous year.
