Saudi Aramco’s Profits Dip in First Half of 2024, Reflecting Industry Trends
Aramco, the world’s largest oil and gas producer based in Saudi Arabia, reported a 10.5% decrease in net income for the first half of 2024, reaching $56.34 billion. This marks a decline from the same period last year.
The company’s financial report, released on Tuesday, also revealed a 22.8% drop in free cash flow, reaching $41.7 billion for the first six months of the year. Meanwhile, capital expenditures have increased by 19.5% to $22.96 billion.
These figures follow a similar trend observed in Aramco’s 2023 annual report, which showed a 25% drop in net income, reaching $121.3 billion, marking a significant decrease compared to the $161 billion generated in 2022.
The decline in profits can be attributed to global economic factors affecting the energy sector, including lower oil prices and increased competition. Despite the drop in income, Aramco remains a major player in the global energy market.
