Saudi Aramco reports second-highest net income of $121.3bn in 2023

RIYADH: Saudi Arabian Oil Co. has announced a net income of $121.3 billion in its full-year 2023 financial results, marking the second-highest in its history. 

These results highlight Aramco’s unique operational flexibility, reliability, and cost-effective production base, showcasing the company’s continuous commitment to providing value to its shareholders, it said in a press release. 

In a press statement, Amin H. Nasser, Aramco president and CEO, said: “In 2023 we achieved our second-highest ever net income. Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds. We also delivered for our shareholders with a 30 percent year-on-year increase in total dividends paid in 2023.” 

In 2023, Aramco reported a net income of $121.3 billion, a decrease from $161.1 billion in 2022, marking the company’s second-highest net income to date. The year-on-year decline is attributable to lower crude oil prices and volumes sold, along with reduced refining and chemical margins. This decrease was partially offset by a reduction in production royalties, as well as lower income taxes and zakat during the year.