Saudi oil giant Aramco reports $106 billion profit in 2024, down 12% on lower energy prices

Saudi Aramco reports $106.25 billion profit in 2024, down 12% from prior year due to lower energy prices.

Saudi Arabia’s state-owned oil giant Aramco reported a $106.25 billion profit in 2024 on Tuesday (March 4, 2025), down 12% from the prior year on lower energy prices.

A filing on Riyadh’s Tadawul stock exchange showed the oil company, formally known as the Saudi Arabian Oil Co., had revenues of $436 billion in 2024.

Aramco reported a $121 billion annual profit in 2023, down from its 2022 record due to lower energy prices as well.

“The decrease was primarily driven by lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income,” Aramco said in its filing.

Stock in Aramco traded around $7.33 a share Tuesday, down from a high over the last year of $8.71. It has fallen over the past year as oil prices have dropped. Benchmark Brent crude is at $73 — down 10% this year.

Aramco has a market value of $1.74 trillion, making it the world’s sixth-most valuable company behind Apple, Microsoft, NVIDIA, Amazon and Alphabet, which owns Google.

Aramco will pay dividends of $21.36 billion for the fourth quarter, which includes a far-smaller performance dividend of $220 million. The company expects to pay dividends of $85.4 billion this year, which is far lower.