Aramco Q1 Net Profit 42.2 Trillion Won... 20% Decrease YoY

Saudi Arabia's state-owned oil company Aramco reported that its net profit for the first quarter of this year decreased by about 20% compared to the same period last year.

A company official watching mining maintenance at the Al Howta oil field of Saudi Arabia's state-owned Aramco [Image source=AP Yonhap News]

Aramco announced in a report released on the 9th (local time) that its net profit for the first quarter of this year was $31.88 billion (approximately 42.2 trillion KRW). This represents a 19.25% decrease from the same period last year ($39.5 billion), when oil prices surged due to the Ukraine war. The company's net profit for the fourth quarter of last year was $30.7 billion.

Nasser Amin, Aramco's Chief Executive Officer (CEO), said, "This result demonstrates Aramco's sustainable reliability in responding to market conditions and generating strong cash flow," adding, "Our long-term outlook remains unchanged, and we continue to expand our capabilities."

Aramco posted a net profit of $161 billion (approximately 213.3 trillion KRW) last year, marking the highest performance since the company's listing.

Aramco's crude oil production last year was about 11.5 million barrels per day. The company plans to increase production to 13 million barrels per day by 2027. The quarterly dividend announced on this day was maintained at $19.5 billion (approximately 25.8 trillion KRW). However, Aramco indicated that it plans to increase dividends further in the future as surplus cash flow grows.

Due to concerns about an economic recession, the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ coalition, which includes major non-OPEC oil-producing countries such as Russia, announced last month a voluntary additional production cut of 1.16 million barrels per day.

Saudi Arabia's voluntary production cut is the largest, at 500,000 barrels per day.

This content was produced with the assistance of AI translation services.