Saudi Aramco has reported a net income of SR103.37 billion which translates to $27.52 billion for its third quarter of the year 2024, surpassing the predicted earnings of equity analysts at $26.9 million. This figure, however, is a 15.4% decline of the earning in the same quarter of the previous year primarily due to negative market conditions resulting from the fall in prices of crude oil and other refined products and chemicals. There is also the impact of the earnings drop attributed to the oil production cuts of 500,000 barrels per day from April 2023 up to December 2024 which Saudi Aramco has agreed with OPEC+ to implement.  

Amin Nasser, Aramco’s President and Chief Executive Officer maintained an optimistic tone, as to the company’s free cash flow and cash generation capability even when oil prices are not favorable. A little later in the statement, he mentioned that the company has made progress in exploring and producing new resources as well strengthening its value chain for its existing and new businesses. In the third quarter, Aramco reported sales revenue of SR416.63 billion, which is a slight decrease of 1.76 percent compared to the earnings in the 3rd quarter of 2023.Capital expenditures for the quarter were reported at SR49.6 billion, highlighting Aramco’s focus on growing its overall production levels. 

Moreover, the organization has formed an international sukuk of $3 billion which indicates robust confidence from the investors more so improve its liquidity.  

For the first three quarters of 2024, Aramco published a net profitable income of SR 314.65 billion which is an 11.25% less earning than that for the same period in 2023. During the period, the turnover of sales revenue for the company was SR 1.24 trillion, being a slight increase of 0.02% compared to the previous year. In renewable energy, Aramco managed to reach financial close for the three major solar photovoltaic plants which will have a total capacity of 5.5 gigawatts.