Saudi oil giant Aramco announces $121 billion profit last year, down from 2022 record
Saudi oil giant Aramco has reported a $121 billion profit last year, down from its 2022 record due to lower energy prices
By AP News
Published - Mar 10, 2024, 03:20 AM ET
Last Updated - Mar 10, 2024, 03:20 AM EDT
DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco reported Sunday a $121 billion profit last year, down from its 2022 record due to lower energy prices.
Aramco made the announcement in a filing in Riyadh's Tadawul stock market.
It had reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company.
“The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing.
