by Yousef Saba and Maha El Dahan
DUBAI (Reuters) – Saudi oil company Saudi Aramco on Sunday announced annual net profit for 2023 of $121.3 billion (110.8 billion euros), the second highest profit in its history after record profit of $161.1 billion recorded in 2022.
This drop of almost 25% in net profit between the two years can be explained by the decline in crude oil prices and a drop in volumes sold.
The oil giant, of which the Saudi state directly holds 82.2% of the capital, nevertheless increased its dividends by a total of 30% last year, for an amount of 97.8 billion dollars.
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After a 2022 record of 148.5 billion, free cash flow stood at 101.2 billion.
Aramco Chief Executive Amin Nasser said the company was looking for new investment opportunities in China, where oil demand is robust and growing.
He also specified that discussions were continuing on taking a 15 to 20% stake in the joint venture in thermal and hybrid engines between Renault and the Chinese Geely.
(Jean-Stéphane Brosse for the French service)
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