Saudi Aramco’s net income declines y-o-y in Q2

State-owned oil giant Saudi Aramco’s net income for the second quarter of 2024 totaled $29.07 billion, down from $30.08 billion in the same period of 2023. This decline was primarily due to reduced crude oil sales volumes and declining refining margins, although it was partly counterbalanced by higher crude oil prices, lower income taxes, and zakat compared to the previous year.

Aramco’s Q2 net income was higher than $27.3 billion reported in the first quarter of 2024.

The company’s EBIT for the second quarter was $55.20 billion, compared to $56.58 billion in the previous year and $54 billion in Q1 2024.

Total revenue for the second quarter of 2024 was $113.52 billion compared to $107.35 billion for the same quarter in 2023 and $107 billion for the first quarter of 2024. The increase was mainly driven by higher crude oil and refined and chemical product prices, higher refined and chemical volumes sold, partially offset by a decrease in crude oil volumes sold during the period.