Saudi Aramco reported Sunday a $121.27 billion profit last year, down from its 2022 record due to lower energy prices.
Aramco made the announcement in a filing in Riyadh's Tadawul stock market.
It had reported a $161.07 billion profit in 2022.
“The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing.
Despite the fall in profit, Aramco boosted its total dividends for the year by 30% to $97.8 billion.
Aramco declared a base dividend, paid regardless of results, of $20.3 billion for the fourth quarter, to be paid this quarter. It approved a $10.8 billion performance-linked dividend, the third such payout. Both dividends were increased from the previous quarter.
The company said capital investments were at $49.7 billion in 2023, including $42.2 billion in organic capital expenditure. That was up from $38.8 billion in capital investments and $37.6 billion organic capex in 2022.
It forecast capital investments between $48 billion and $58 billion this year, growing until the middle of the decade.
