Aramco's revenue hits four-year high

Saudi Aramco's profits recorded their highest level since Q3 2022, reaching approximately 121.5 billion riyals in the second quarter of 2023. This was driven by rising oil prices to over $108 per barrel and increased margins in refining and chemicals. Despite a decline in sales volumes due to supply restrictions, the company managed to compensate for this through higher prices, achieving record revenues of around 522 billion riyals—the highest since 2019. These factors contributed to profit growth and gains in the refining and chemicals sector, with a continued dividend payout of 82.06 billion riyals, even as free cash flow declined due to capital expenditures and taxes. Aramco's profits continue to maintain their momentum, supported by rising prices and improved refining margins, with expectations of further sustainability in tandem with increased volumes and cash flows in the second half of the year.

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