Saudi Aramco's Q3 2023 net income drops to $32.6 billion
Dhahran, November 07, 2023, Saudi Aramco released its Q3 2023 results, with a net income of SAR 122.2 billion ($32.6 billion), down from SAR 159.1 billion ($42.4 billion) in Q3 2022. Operating cash flow was SAR 117.6 billion ($31.4 billion) in Q3 2023, compared to SAR 202.5 billion ($54.0 billion) in Q3 2022. Free cash flows reached SAR 76.3 billion ($20.3 billion) in Q3 2023, down from SAR 168.6 billion ($45.0 billion) in Q3 2022.
The gearing ratio improved to -7.6% by the end of September 2023. Dividends of SAR 73.2 billion ($19.5 billion) were paid in Q3, and an additional SAR 73.2 billion ($19.5 billion) will be paid in Q4. Performance-linked dividends of SAR 37.0 billion ($9.9 billion) were distributed in Q3, with another SAR 37.0 billion ($9.9 billion) planned for Q4.
The report highlights Saudi Aramco's expansion efforts, including its first international LNG investment and an entry into the South American market through downstream retail acquisition. The company expanded its raw gas processing capacity and collaborated with Stellantis for eFuel compatibility in Europe.
Aramco's President and CEO, Amin H. Nasser, expressed confidence in their financial results and outlined their commitment to generating value for shareholders. He emphasized the company's ambitious investments, both in LNG and the South American retail market, which align with their strategic goals for upstream and downstream growth. Nasser also stressed the importance of balanced energy transition and leveraging technology for optimal operations.