BAKU, Azerbaijan, May 12. Saudi Aramco reported a net income of $26 billion for the first quarter of 2025, up from $22.3 billion in the previous quarter, boosted by higher crude prices and lower operating expenses, Trend reports.
According to the producer, revenue and other income related to sales rose slightly to $114.6 billion in Q1 2025 from $114.3 billion in Q4 2024. The gain was primarily driven by stronger crude prices, increased crude trading volumes, and improved refined and chemical product prices. These gains were partly offset by reduced sales volumes of refined and chemical products and a drop in other income due to lower price equalization compensation.
Operating costs dropped sharply to $63.5 billion from $68.1 billion in the previous quarter, reflecting declines in administrative expenses, depreciation, and royalties.
Despite the quarter-on-quarter rise, Aramco’s profit slipped compared to the same period last year. Net income was down from $27.3 billion in Q1 2024, weighed by a fall in other income and a modest rise in operating costs year-on-year.
The company said higher sales volumes of gas and refined products helped offset the impact of lower product prices compared to a year ago.
