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Saudi Arabian Oil Company (Saudi Aramco) Announces its Interim Financial Results for the Period Ended 2023-03-31 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 417.46 | 467 | -10.61 | 434.17 | -3.85 |
| Gross Profit (Loss) | - | - | - | - | - |
| Operational Profit (Loss) | 222.18 | 277.71 | -20 | 241.65 | -8.06 |
| Net Profit (Loss) after Zakat and Tax | 119.54 | 148.03 | -19.25 | 115.22 | 3.75 |
| Total Comprehensive Income | 117.36 | 160.58 | -26.91 | 120.53 | -2.63 |
| All figures are in (Billions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 1,491.61 | 1,197.35 | 24.57 |
| Profit (Loss) per Share | 0.49 | 0.59 | |
| All figures are in (Billions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income for the first quarter of 2023 was SAR 119.54 billion ($31.88 billion), compared to SAR 148.03 billion ($39.47 billion) for the same quarter in 2022. The decrease was mainly driven by lower crude oil prices, partially offset by lower income taxes and zakat and higher finance and other income. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net income for the first quarter of 2023 was SAR 119.54 billion ($31.88 billion), compared to SAR 115.22 billion ($30.73 billion) for the fourth quarter of 2022. The increase is mainly driven by lower income taxes and zakat, lower operating costs, and higher finance and other income. This was partially offset by lower crude oil prices. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | None |
| Additional Information | * Given the nature of Saudi Aramco’s business in exploring, prospecting, drilling and extracting hydrocarbon substances (Upstream), Saudi Aramco’s consolidated statement of income does not include gross profit. ** Other income related to sales was SAR 42.37 billion for the first quarter of 2023 (Q1 2022: SAR 49.89 billion, Q4 2022: SAR 53.0 billion). As a result, revenue and other income related to sales amounted to SAR 459.83 billion for the first quarter of 2023 (Q1 2022: SAR 516.90 billion, Q4 2022: SAR 487.17 billion). |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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