Saudi Arabian Oil Company (Saudi Aramco) Announces its Interim Financial Results for the Period Ended 2024-03-31 (Three Months)

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	Revenue for the first quarter of 2024 was SAR 402.04 billion ($107.21 billion), compared to SAR 417.46 billion ($111.32 billion) for the same quarter in 2023. The decrease was mainly driven by lower crude oil volume sold, partially offset by an increase in crude oil prices during the period.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net income for the first quarter of 2024 was SAR 102.27 billion ($27.27 billion), compared to SAR 119.54 billion ($31.88 billion) for the same quarter in 2023. The decrease was primarily a result of lower crude oil volume sold, weakening refining and chemicals margins and lower finance and other income. This was partially offset by lower production royalties, an increase in crude oil prices compared to the same period last year and lower income taxes and zakat.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is	Revenue for the first quarter of 2024 was SAR 402.04 billion ($107.21 billion), compared to SAR 409.16 billion ($109.11 billion) for the fourth quarter of 2023. The decrease was mainly driven by lower prices for crude oil and refined and chemical products, partially offset by higher crude oil volume sold.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is	Net income for the first quarter of 2024 was SAR 102.27 billion ($27.27 billion), compared to SAR 100.22 billion ($26.73 billion) for the fourth quarter of 2023. Net income has remained relatively consistent from the previous quarter.
Statement of the type of external auditor's report	Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	-
Reclassification of Comparison Items	None
Additional Information	- Given the nature of Saudi Aramco’s business in exploring, prospecting, drilling and extracting hydrocarbon substances (upstream), Saudi Aramco’s consolidated statement of income does not include gross profit. - Other income related to sales was SAR 35.81 billion for the first quarter of 2024 (Q1 2023: SAR 42.37 billion, Q4 2023: SAR 50.13 billion). As a result, revenue and other income related to sales amounted to SAR 437.85 billion for the first quarter of 2024 (Q1 2023: SAR 459.83 billion, Q4 2023: SAR 459.29 billion).
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