But the figure is still the second-highest profit ever for the state-backed company.
The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.
The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.
The Saudi state owns nearly 95% of the company, so the bumper profits resulted in a budget surplus for the kingdom in 2022.
In 2023 oil prices fell back to $85 a barrel. Moreover, Saudi Aramco has cut back on production to help support the oil price, providing a further challenge to profits.
“In 2023 we achieved our second-highest ever net income. Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds,” Aramco’s chief executive Amin Nasser said in a statement.
Saudi Arabia is aiming to diversify the country’s economy, using income from its energy sector to fund the transition.
The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.
But the figure is still the second-highest profit ever for the state-backed company.
The Saudi state owns nearly 95% of the company, so the bumper profits resulted in a budget surplus for the kingdom in 2022.
The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.
The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.
The Saudi state owns nearly 95% of the company, so the bumper profits resulted in a budget surplus for the kingdom in 2022.
In 2023 oil prices fell back to $85 a barrel. Moreover, Saudi Aramco has cut back on production to help support the oil price, providing a further challenge to profits.
“In 2023 we achieved our second-highest ever net income. Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds,” Aramco’s chief executive Amin Nasser said in a statement.
Saudi Arabia is aiming to diversify the country’s economy, using income from its energy sector to fund the transition.
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