Aramco Reports $106 Billion Profit Amid Falling Oil Prices

Saudi Aramco reported a $106.25 billion profit in 2024, down 12% due to lower energy prices. Despite high revenues of $436 billion, the company faced increased operating costs. Aramco's stock price has fallen as oil prices dropped, impacting Saudi Arabia's economic plans, including the NEOM city project.

Saudi Arabia's state-owned oil entity, Aramco, announced a substantial profit of $106.25 billion in 2024. This figure marks a 12% decline from the previous year's earnings due to decreased energy prices.

The company's financial report, filed on the Riyadh Tadawul stock exchange, revealed revenues of $436 billion. This decline highlights the challenges Aramco faces with rising operational costs and reduced income from sales and finances.

Global oil prices have significantly dropped, impacting Aramco's share value and broader Saudi economic initiatives, such as Crown Prince Mohammed bin Salman's NEOM city, planned investments, and hosting the 2034 FIFA World Cup.

(With inputs from agencies.)