Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) witnessed a 27.46% year-on-year (YoY) drop in net profit after Zakat and tax to SAR 354.54 billion during the first nine months (9M) of 2023, versus SAR 488.78 billion.

Revenues declined by 20.90% to SAR 1.24 trillion during January-September 2023 from SAR 1.57 trillion in the year-ago period, according to the interim financial results.

The earnings per share (EPS) hit SAR 1.45 in 9M-23, down from SAR 1.95 during the same period in 2022.

Financial Results for Q3-23

During the third quarter (Q3) of 2023, the oil giant recorded 23.21% lower net profits after Zakat and tax at SAR 122.19 billion, compared to SAR 159.12 billion in Q3-22.

The Saudi firm posted revenues amounting to SAR 424.10 billion in July-September 2023, a 22% YoY decline from SAR 543.71 billion.

On a quarterly basis, the Q3-23 net profits climbed by 8.31% from SAR 112.81 billion in Q2-23, while the revenues increased by 5.35% from SAR 402.56 billion.

Amin Nasser, President and CEO of Aramco, highlighted: “Our robust financial results reinforce Aramco’s ability to generate consistent value for our shareholders, and we continue to identify new opportunities to evolve our business and meet the needs of customers.”

“During Q3, we agreed to make our first international investment in liquefied natural gas (LNG) to capitalise on rising LNG demand, and announced our intention to enter the South American retail market,” Nasser added.

Dividends

Saudi Aramco announced the second distribution of the performance-linked dividends to shareholders based on the combined full-year results of 2022 and the income statements for 9M-23.

The total dividends amount to SAR 110.18 billion ($29.38 billion), including a base dividend of SAR 73.16 billion ($19.51 billion) as well as a performance-linked dividend of SAR 37.02 billion ($9.87 billion).

A total of 241.94 billion eligible shares will be granted a dividend of SAR 0.45 per share.

Eligibility and distribution dates for the dividends will be 14 and 30 November 2023, respectively.