Saudi oil giant Aramco Reports $106 Bn Profit

Dubai: Saudi Arabia’s state-owned oil giant Aramco reported a $106.25 billion profit in 2024 on Tuesday, down 12% from the prior year on lower energy prices. A filing on Riyadh’s Tadawul stock exchange showed the oil company, formally known as the Saudi Arabian Oil Co., had revenues of $436 billion in 2024. Aramco reported a $121 billion annual profit in 2023, down from its 2022 record due to lower energy prices as well. “The decrease was primarily driven by lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income,” Aramco said in its filing.