Saudi Aramco's Q1 net profit decreases 14.5% to $27.27bn due to lower oil sales volume.

Saudi Aramco's Q1 net profit falls 14.5% to $27.27bn due to lower oil sales volume, according to a company statement. The decline came despite an increase in crude oil prices, lower taxes and zakat (Islamic finance term meaning almsgiving), and Aramco's ongoing efforts to expand its gas business. The company is still expecting to pay a total of $31bn in dividends to the Saudi government and other shareholders despite the reduced profit.

May 07, 2024
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