RIYADH, Aug 8 (NNN-SPA) – Saudi Arabia’s state oil giant, Aramco, announced yesterday, a net income of 30.1 billion U.S. dollars, for the second quarter of 2023, marking a 38 percent decline, compared to the same period last year.
During the second quarter of 2022, the company reported a net profit of 48.4 billion dollars. Additionally, for the first half of 2023, Aramco’s net profit stood at 62.0 billion dollars, showing a significant drop from the 88.0 billion-dollar profit recorded in the first half of the previous year.
In a report published yesterday, Aramco attributed the decline to lower crude oil prices and weaker refining and chemicals margins.
Despite the decrease, the second-quarter profit still slightly exceeded analyst expectations, which were around 29.8 billion dollars, according to an Aramco-supplied poll.
“Our strong results reflect our resilience and ability to adapt through market cycles,” Aramco President & CEO, Amin H. Nasser said, in the report.
While crude oil prices had exceeded 110 dollars per barrel in the OPEC basket, during the first half of 2022, they now hover around 86 dollars per barrel.– NNN-SPA
