Riyadh May 7 2024: Saudi Arabian Oil Co. reported a 12% drop in Q1 2024 net profit to SAR 103.4 billion, compared to SAR 117.5 billion in the year-earlier period.
The annual net profit was hurt by a decline in the first-quarter revenue to SAR 402.04 billion from SAR 417.46 billion in Q1 2023, amid lower volume of crude oil sold. This was partially offset by higher crude oil prices.
The company also cited weakening refining and chemicals margins, as well as lower finance and other income. This was partially offset by lower production royalties, an increase in crude oil prices compared to the same period last year and lower income taxes and Zakat.
The giant oil producer’s net earnings edged up 0.5% quarter-on-quarter (QoQ) from SAR 102.86 billion in Q4 2023. On the other hand, revenues dropped to SAR 402.04 billion from SAR 409.16 billion in Q4 2023 on lower prices of crude oil, and refining and chemical products.
Shareholders’ equity, after minority interest, increased to SAR 1.52 trillion as of March 31, 2024, from SAR 1.49 trillion a year earlier.
