May 09, 2023 (MLN): Oil giant Saudi Aramco posted first-quarter results for 2023, wherein the net profit clocked in at $31.9 billion, down by 19.25% YoY due to a drop in crude oil prices.
President and CEO Amin H. Nasser said in a statement, "We are moving forward with our capacity expansion, and our long-term outlook remains unchanged.", as reported by APP.
The result was lower than the $39.5bn reported in the same period in 2022, when Russia's invasion of Ukraine caused oil prices to surge.
However, it still exceeds three-quarters of the $40.5bn in combined first-quarter profits reported by the five oil majors: BP and Shell in Britain, ExxonMobil and Chevron in the United States, and TotalEnergies in France.
"The results reflect Aramco's continued high reliability, focus on cost, and our ability to react to market conditions as we generate strong cash flows and further strengthen the balance sheet.", Nasser added.
Aramco is the jewel of the Saudi economy and the main source of revenue for Crown Prince Mohammed bin Salman's ambitious economic and social reform program known as Vision 2030.
The firm reported record profits totaling $161.1bn last year, allowing the kingdom to achieve its first annual budget surplus in nearly a decade.
