BAKU, Azerbaijan, March 11. Saudi Aramco revealed its financial results for 2023, stating a net income of $121.3 billion, marking its second-highest ever ($161.1 billion in 2022), Trend reports.
At the same time, this also marked a decline of almost $40 million year-on-year. As Aramco explains, this decrease in year-on-year figures is because of cheaper crude oil prices and lower sales volumes, along with slimmer margins in refining and chemicals. However, this was partially balanced by a reduction in production royalties, as well as lower income taxes and zakat.
"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," said Amin H. Nasser, Aramco President and CEO.
According to the CEO, the company also delivered some $97.8 billion to its shareholders with a 30-percent year-on-year increase in total dividends paid in 2023.
He also added that the company's capital expenditures in the reporting period increased in line with guidance.
“Our capital expenditures increased in line with guidance as we seek to create and capture additional value from our operations, positioning the Company for a future in which we believe oil and gas will be a key part of the global energy mix for many decades to come, alongside new energy solutions," noted Amin H. Nasser.
