Saudi oil giant Aramco says it made $121 billion profit last year, down from its 2022 record due to lower energy prices
FILE - Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, on March 21, 2021. Saudi oil giant Aramco reported Sunday, March 10, 2024 a $121 billion profit last year, down from its 2022 record due to lower energy prices. Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices.
Aramco had reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company. “Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds,” said Aramco CEO Amin H. Nasser in a statement.n Oil Co., put its output at 12.8 million barrels of oil a day. The company has been ordered by the Saudi government to keep its production there despite earlier plans to increase output.
Aramco has a market value of $2 trillion, making it the world’s fourth most valuable firm, behind Apple, Microsoft and NVIDIA respectively. Aramco stock traded slightly up on the Tadawul at $8.64 a share Sunday.