BAKU, Azerbaijan, May 13. Saudi Aramco reported a significant decrease in its EBIT from the downstream segment for 1Q2024 compared to the same period last year, Trend reports.
According to the company's latest financial statement, Saudi Aramco's downstream EBIT for the reporting period of 2024 was $1,231, marking a notable decline of 64 percent from $3,421 in 1Q2023.
This considerable decrease is primarily attributed to the weakening margins in the refining and chemicals sectors, albeit partially offset by inventory valuation adjustments, the producer explained.
Despite the decline in EBIT, Saudi Aramco's capital expenditures in its downstream sector for 1Q2024 stood at $1,835, remaining largely consistent with expenditures of $1,906 for the same period in 2023.
Meanwhile, Saudi Aramco's total net income for 1Q2024 stood at $27.3 billion, down 14.4 percent from $31.9 billion year-on-year. Similarly, cash flow from operating activities dropped 15.1 percent to $33.6 billion in the reporting period of 2024, compared to $39.6 billion in 1Q2023.
