Revenues and Profits Decline Compared to Previous Periods

Saudi Arabian Oil Co.(2222.SA) announced its financial results for the third quarter of 2024.

• Total revenue for the third quarter of 2024 was SAR 416.63 billion (USD 111.10 billion), compared to SAR 424.10 billion (USD 113.09 billion) for the same quarter in 2023. The decrease was mainly driven by lower prices of crude oil and refined and chemical products, partially offset by higher volumes sold during the period.
• Net income for the third quarter of 2024 was SAR 103.37 billion (USD 27.56 billion), compared to SAR 122.19 billion (USD 32.58 billion) for the same quarter in 2023. The decrease was mainly due to the impact of lower crude oil prices and weakening refining margins. This was partially offset by a reduction in selling, administrative and general expenses primarily driven by a gain from derivative instruments, and a decrease in production royalties, and lower income taxes and zakat.

Compared to the previous quarter:

• Total revenue for the third quarter of 2024 was SAR 416.63 billion (USD 111.10 billion), compared to SAR 425.71 billion (USD 113.52 billion) for the second quarter of 2024. The decrease was mainly driven by lower prices of crude oil and refined and chemical products, partially offset by a higher volume sold during the period.
• Net income for the third quarter of 2024 was SAR 103.37 billion (USD 27.56 billion), compared to SAR 109.01 billion (USD 29.07 billion) for the second quarter of 2024. The decrease was mainly driven by lower crude oil prices and weakening chemical margins. This was partially offset by a decrease in production royalties, and lower income taxes and zakat.

For the first nine months of 2024:

• Total revenue was SAR 1,244.38 billion (USD 331.83 billion), compared to SAR 1,244.12 billion (USD 331.77 billion) for the same period in 2023, remaining relatively consistent.
• Net income for the first nine months of 2024 was SAR 314.65 billion (USD 83.91 billion), compared to SAR 354.54 billion (USD 94.54 billion) for the same period in 2023. The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins, and lower finance and other income. This was partially offset by lower production royalties, and lower income taxes and zakat.

Other income related to sales was SAR 48.00 billion for the third quarter of 2024 (Q3 2023: SAR 64.84 billion, Q2 2024: SAR 44.90 billion). As a result, total revenue and other income related to sales amounted to SAR 464.63 billion for the third quarter of 2024 (Q3 2023: SAR 488.94 billion, Q2 2024: SAR 470.61 billion).

For the first nine months of 2024, other income related to sales was SAR 128.71 billion (YTD 2023: SAR 152.97 billion). As a result, total revenue and other income related to sales amounted to SAR 1,373.08 billion for the first nine months of 2024 (YTD 2023: SAR 1,397.09 billion).