Amin Nasser, President of Saudi Aramco: The company made progress during the first quarter in expanding its gas production capabilities and expanding the scope of its refining and petrochemicals businesses, and the company’s debt ratio will decline by the end of 2023.
registered Saudi Aramco profits During the first quarter of the year 2024, it decreased by 14%, reaching 102 billion riyals, compared to profits amounting to 119.54 billion riyals during the same period last year.
And it reported Company In its statement about the financial results for the first quarter of 2024; Total revenues for the first quarter of 2024 amounted to 402.04 billion Saudi riyals, compared to 417.46 billion Saudi riyals in the same period in 2023. This decrease is mainly due to a decrease in the quantities sold of crude oil, with a partial rise in crude oil prices during the period.
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Despite this decline in profits, Aramco expects an increase in profits for the current year, as it expects them to reach 466.1 billion Saudi riyals, representing a growth of 3% over the previous year, without revealing the main drivers of this growth.
Net income amounted to 102.27 billion Saudi riyals for the first quarter of 2024, compared to 119.54 billion Saudi riyals for the same period in 2023. This decrease is primarily due to a decrease in the quantities of crude oil sold, weak profit margins for the refining and chemicals business, and a decrease in financing and income income. The other, though partly balanced by an increase in crude oil prices.
Engineer Amin bin Hassan Al Nasser, President and Chief Executive Officer of Saudi Aramco, said: “We continue our strong performance in the first quarter, and we are making tangible progress in implementing our strategy to enhance our capabilities in the gas field and expand the scope of our global business in the refining, chemicals and marketing sectors.
م. أمين الناصر رئيس أرامكو:
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“We are working hard to increase gas production by 2030, and have announced significant gas and condensate reserves in the Jafurah field, in addition to expanding our manufacturing capabilities and expanding our global presence in key markets.
He added, “We are committed to traditional energy and believe in the importance of adding sustainable alternative solutions to the global energy mix. We aspire to make progress in energy transformation to address climate challenges, and ensure the availability of affordable and reliable energy. “Our strong financial position gives us the ability to draw long-term visions, and we strive to use technology to remain competitive and meet our customers’ needs in innovative and sustainable ways.
