DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy.

Aramco, formally known as the Saudi Arabian Oil Co. 2222 , said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher.

“The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins and lower finance and other income,” Aramco said in a filing on Riyadh’s Tadawul stock exchange. “This was partially offset by higher crude oil prices and lower production royalties compared to the same period last year and lower income taxes and zakat,” or Islamic charitable contributions.

Aramco will pay dividends of $20.3 billion for the second quarter and a performance-linked dividend of $10.8 billion, the company said. It hopes its overall dividend for the year will be over $124 billion.

While a sliver of Aramco trades on the Tadawul, the vast majority of the firm is held by Saudi Arabia’s government, fueling its expenditure and providing wealth to its Al Saud royal family.

Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside of the group to try to keep production down to boost global oil prices. Benchmark Brent crude BRN00 traded around $77 a barrel on Tuesday after Japan’s Nikkei stock market plunged 12.4% Monday in its worst single-day decline since 1987.

https://www.google.com/amp/s/www.marketwatch.com/amp/story/saudi-arabias-aramco-reports-half-year-profit-of-56-billion-06d33004

Our own cabal will tell us govt has no business owning or running businesses.

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FreeStuffsNG:

It's not run by government. You can buy their shares, it's a listed company. It's equally ignorant to compare Saudi Arabia's oil production to that of Nigeria, they are among the top 3 highest crude oil producers in the world, far far much higher than Nigeria in terms of daily output of crude oil. Saudi Arabia produces all the crude oil we produce in one year in like 3 months!
And they don't have a population growing faster than their GDP.

Even if the govt is too broke to invest heavily in oil and gas which we know is not the case, What about cocoa and coffee industries? Textile? Constructions?

Do they loot and export capital like you and your cronies? Do they import refined crude after export raw crude? Do they deny local refineries crude in favour of imports?

These are the demons and cabal members o. What grew our population if not demonic islamists as yourself who used oil money to go on reproduction frenzy in a bid to dominate and spread the societal-cancer called islam?
GDP cant grow because three quarter of the population are depending on static oil production or doing thuggery for APC and PDP. Whose fault is that.

No be the same oil Nigeria dey sell?

$56 Billion profits in 6 months... Wow

Stock buyers go don made profits of $20Billion.

Wish it was easy to buy all these abroad company shares

These people built a TOURIST ATTRACTION in a desert and scoff at Shariah Laws, they should carry on.

For here tinubu will tell you we need to suffer to allow him enjoy

Helinnus would tell you the whole world is experiencing loss

FreeStuffsNG:
Saudi Arabia produces all the crude oil we produce in one year in like 2-3 months!

And they don't have a population growing faster than their GDP and yet wants subsidies on electricity, petrol, food, education and even condoms!

Failures always find excuses

Iran is producing highest quantity but terror financing won't let them see the fruits

Venezuela own too but corruption has eaten it,

Nigeria is not different with misplaced priorities and bad leadership of tinubu thats funds waste coastal line after buhari did Niger rail scam

CodeTemplar:
Our own cabal will tell us govt has no business owning or running businesses.

It's not run by government. You can buy their shares, it's a listed company. It's equally ignorant to compare Saudi Arabia's oil production to that of Nigeria, they are among the top 3 highest crude oil producers in the world, far far much higher than Nigeria in terms of daily output of crude oil. Saudi Arabia produces all the crude oil we produce in one year in like 2-3 months!

And they don't have a population growing faster than their GDP that yet wants subsidies on electricity, petrol, food, education and even condoms!

FreeStuffsNG:

It's not run by government. You can buy their shares, it's a listed company. It's equally ignorant to compare Saudi Arabia's oil production to that of Nigeria, they are among the top 3 highest crude oil producers in the world, far far much higher than Nigeria in terms of daily output of crude oil. Saudi Arabia produces all the crude oil we produce in one year in like 3 months!
And they don't have a population growing faster than their GDP.

So population determines profit?

FreeStuffsNG:
Very convenient for you to point fingers at the politicians who are your punching bag while most of you do fsr worse and waste and steal the resources of your employers , come late to work and even use the company internet to watch porn during official hours!

You are completely ignorant if you think they don't steal and it's unfortunate that I can't help you.

The part I left out is that they probably don't have low self esteemed unpatriotic elements who can be irredeemably lazy so much that they blame everyone and government for their unproductive lifestyle choices and low self esteem except themselves.

I am sure their own refineries too lack crude and prefer to pay idlers then import refined crude products. I m sure they blend substandard fuel in Malta then import same to create massive smuggling operation in middle east as well as vibrant auto repair industry. Nonsense and ingredient.

You idiotically blamed lifestyle of lazy unpatriotic citizens but forgot the leaders just finish stoning the devil with around N200B(state and FG). They approve salary of these same unpatriotic lazy comatose refinery workers because of political loyalty. They loot everything on sight. They use 120 car convoy. They have door openers for the cars being paid.

FreeStuffsNG:

It's not run by government. You can buy their shares, it's a listed company. It's equally ignorant to compare Saudi Arabia's oil production to that of Nigeria, they are among the top 3 highest crude oil producers in the world, far far much higher than Nigeria in terms of daily output of crude oil. Saudi Arabia produces all the crude oil we produce in one year in like 3 months!
And they don't have a population growing faster than their GDP.

Plus their politicians don't steal all the oil proceeds like your own politicians and they don't export crude oil to import fuel like your own PDP and APC thieves. You left those points out.

Even if you don't produce as much oil as Saudi, we're still top 10. Where's our own profit from oil, even if it's one billion dollars?

Ok

Obaaderemi2:

Very convenient for you to point fingers at the politicians as if politicians do not come from your families yet you all turned them to your punching bag while most of you do far worse, including you unpatriotic elements who waste and steal the resources of your private employers , come late to work and even use the company internet to feed on worthless social media gist/entertainment, idle away on social media, watch useless films and porn during official hours!

You are completely ignorant if you think they don't steal and it's unfortunate that I can't help you.

The part I left out is that they probably don't have low self esteemed, ignorant, unpatriotic elements who can be irredeemably lazy so much that they blame everyone and government except themselves for their unproductive and horrible lifestyle choices and low self esteem.

FreeStuffsNG:
You are completely ignorant if you think they don't steal and it's unfortunate that I can't help you. The part I left out is that they probably don't have low self esteemed unpatriotic elements who can be irredeemably lazy so much that they blame everyone and government for their unproductive lifestyle choices and low self esteem except themselves

BATeria 😂😂😂

Great.
NNPC is a kind of cashcow for mostly the North.
They have milked it to its knees.

Kiaaa

Nigeria is cursed

BATerias defending the indefensible 😂😂

FreeStuffsNG:
Very convenient for you to point fingers at the politicians as if politicians do not come from your families yet you all turned them to your punching bag while most of you do far worse, including you unpatriotic elements who waste and steal the resources of your private employers , come late to work and even use the company internet to feed on worthless social media gist/entertainment, idle away on social media, watch useless films and porn during official hours!

You are completely ignorant if you think they don't steal and it's unfortunate that I can't help you.

The part I left out is that they probably don't have low self esteemed, ignorant, unpatriotic elements who can be irredeemably lazy so much that they blame everyone and government for their unproductive and horrible lifestyle choices and low self esteem except themselves.

.