Saudi oil company Aramco announced on Sunday that it earned $121 billion in profit last year, which was lower than its 2022 record due to decreased energy prices.
Aramco stated that the results were still its second highest ever, as OPEC+ members continued reducing their production to raise global energy prices.
Lower profits also put pressure on the kingdom as it undertakes a large development project to reduce its dependence on oil revenues, led by its assertive crown prince.
In 2022, Aramco had reported a $161 billion profit, likely the largest ever by a publicly traded company.
The company stated in its filing to the Tadawul stock market that the decrease was mainly due to lower crude oil prices and sales volumes, as well as weaker refining and chemical margins.
Despite the decrease, Aramco increased its dividends to stockholders to over $31 billion in the fourth quarter, as per filings.
The energy giant had planned to hold a conference call on Monday to discuss its results.
Aramco's overall revenue last year was $440 billion, down from $535 billion in 2022.
Aramco CEO Amin H. Nasser said, "Our resilience and agility led to strong cash flows and high profitability, despite economic challenges."
Aramco, also known as the Saudi Arabian Oil Co., reported its output at 12.8 million barrels of oil per day. The company has been instructed by the Saudi government to maintain this production level, despite initially planning to increase output.
As a leading member of the OPEC cartel, Saudi Arabia has cooperated with Russia and non-OPEC allies to limit production and elevate global oil prices. Benchmark Brent crude traded below $82 a barrel on Sunday.
Aramco holds a market value of $2 trillion, ranking it as the world’s fourth most valuable company, following Apple, Microsoft, and NVIDIA. Aramco stock saw a slight increase to $8.64 per share on the Tadawul on Sunday.
