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Saudi Arabian Oil Company (Saudi Aramco) Announces its Annual Financial Results for the Year Ended on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,653.28 | 2,006.96 | -17.62 | ||
| Gross Profit (Loss) | - | - | - | ||
| Operational Profit (Loss) | 868.29 | 1,144.08 | -24.11 | ||
| Net profit (Loss) | 454.76 | 604.01 | -24.71 | ||
| Total Comprehensive Income | 453.06 | 622.63 | -27.23 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,534.61 | 1,448.92 | 5.91 | ||
| Profit (Loss) per Share | 1.87 | 2.47 | |||
| All figures are in (Billions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Billions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Total revenue of SAR 1,653.28 billion ($440.88 billion) for the year ended December 31, 2023, compared to SAR 2,006.96 billion ($535.19 billion) for the year ended December 31, 2022. The decrease was primarily attributable to lower crude oil prices and lower volumes sold, as well as lower refining and chemicals products prices. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net income of SAR 454.76 billion ($121.27 billion) for the year ended December 31, 2023, compared to SAR 604.01 billion ($161.07 billion) for the year ended December 31, 2022. The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins. This was partially offset by a decrease in production royalties, and lower income taxes and zakat. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| 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 203.09 billion (2022: SAR 259.42 billion) for the year ended December 31, 2023. As a result, revenue and other income related to sales amounted to SAR 1,856.37 billion (2022: SAR 2,266.37 billion) for the year ended December 31, 2023. |
| 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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