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Saudi Arabian Oil Company (Saudi Aramco) Announces its Interim Financial Results for the Period Ended 2023-09-30 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 424.1 | 543.71 | -22 | 402.56 | 5.35 |
| Gross Profit (Loss) | - | - | - | - | - |
| Operational Profit (Loss) | 234.45 | 300.23 | -21.91 | 212.55 | 10.3 |
| Net Profit (Loss) after Zakat and Tax | 122.19 | 159.12 | -23.21 | 112.81 | 8.31 |
| Total Comprehensive Income | 125.24 | 159.59 | -21.52 | 113.37 | 10.47 |
| All figures are in (Billions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,244.12 | 1,572.78 | -20.9 |
| Gross Profit (Loss) | - | - | - |
| Operational Profit (Loss) | 669.18 | 902.43 | -25.85 |
| Net Profit (Loss) after Zakat and Tax | 354.54 | 488.78 | -27.46 |
| Total Comprehensive Income | 355.96 | 502.1 | -29.11 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,545.16 | 1,389.02 | 11.24 |
| Profit (Loss) per Share | 1.45 | 1.95 | |
| 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 third quarter of 2023 was SAR 122.19 billion ($32.58 billion), compared to SAR 159.12 billion ($42.43 billion) for the same quarter in 2022. The decrease principally reflects the impact of lower crude oil prices and volumes sold. This was partially offset by a reduction in the production royalties primarily driven by lower average effective royalty rate, lower crude oil prices and lower volumes sold, and lower income taxes and zakat. |
| 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 third quarter of 2023 was SAR 122.19 billion ($32.58 billion), compared to SAR 112.81 billion ($30.08 billion) for the second quarter of 2023. The increase was mainly driven by higher crude oil prices and improved refining margins. This was partially offset by lower volumes sold, and an increase in income taxes and zakat. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net income for the first nine months of 2023 was SAR 354.54 billion ($94.54 billion), compared to SAR 488.78 billion ($130.34 billion) for the same period of 2022. The decrease was largely attributable to lower crude oil prices and weakening refining and chemicals margins. This was partially offset by a decrease in production royalties, primarily due to lower average effective royalty rate and lower crude oil prices, higher finance and other income, and lower income taxes and zakat. |
| 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 64.84 billion for the third quarter of 2023 (Q3 2022: SAR 70.22 billion, Q2 2023: SAR 45.75 billion). As a result, revenue and other income related to sales amounted to SAR 488.94 billion for the third quarter of 2023 (Q3 2022: SAR 613.94 billion, Q2 2023: SAR 448.32 billion). - Other income related to sales was SAR 152.97 billion for the first nine months of 2023 (YTD 2022: SAR 206.42 billion). As a result, revenue and other income related to sales amounted to SAR 1,397.09 billion for the first nine months of 2023 (YTD 2022: SAR 1,779.21 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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