Saudi oil giant Aramco reported half-year profits Tuesday of USD 56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy.
Crude oil prices collapsed in the pandemic but rose again in 2022 on the back of Russia’s war on Ukraine (Photo: Bloomberg)
Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher. Click here to connect with us on WhatsApp The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins and lower finance and other income, Aramco said in a filing on Riyadh’s Tadawul stock exchange. This was partially offset by higher crude oil prices and lower production royalties compared to the same period last year and lower income taxes and zakat, or Islamic charitable contributions.
