Saudi oil giant Aramco announces first-quarter profits of $26 billion, down 4.6% from a year earlier

DUBAI, United Arab Emirates (AP)-ARAMCO Giant of State Oil in the Kingdom of Saudi Arabia recorded profits in the first quarter of 26 billion dollars on Sunday, a decrease of 4.6 % from the previous year, as global oil prices fell to undermine the development plans of two million dollars.

ARAMCO, officially known as the Saudi Oil Company, achieved revenues of $ 108.1 billion over the quarter, according to the company in providing the Stock Exchange in RIYADH. The company witnessed $ 107.2 billion of revenues and profits of $ 27.2 billion in the same quarter of last year.

The Kingdom of Saudi Arabia has promised to invest $ 600 billion in the United States over the term of president Donald Trump’s term.

Trump, who is scheduled to fall on Tuesday on the first official foreign trip since the Oval Office regained, said in January that he wanted this number to be over 1 trillion dollars.

Meanwhile, the governor of real Saudi Arabia, Crown Prince Mohammed bin Salman, has his eyes on a $ 500 billion project to build a bed, a vast and future city in the desert along the Red Sea. The Kingdom will also need new stadiums and infrastructure that costs tens of billions of dollars by 2034, when the Kingdom of Saudi Arabia will host the World Cup.

The announcement of the results of the first quarter of AramCo comes as the OPEC+ Oil Production Alliance has increased. Cartcl oil has agreed to boost production by 411,000 barrels per day next month, as the uncertainty that American definitions driven has extended across the Middle East markets. This means that the Kingdom of Saudi Arabia will likely need to borrow or spend reserve funds to finance the expensive crown prince’s goals.

AramCo shares were traded by more than $ 6 per share on Sunday, a decrease from about 8 dollars last year. It decreased during the past year with low oil prices, and in recent months.

“The dynamics of global trade on energy markets in the first quarter of 2025, with the economic uncertainty that affects oil prices,” said in a statement.

The raw Benchmark Brent was trading on Friday with more than $ 63 a barrel, down from higher levels of $ 80 last year.

The value of Aramco is more than $ 1.6 trillion, making it the sixth richest company behind Microsoft, Apple, Nvidia, Amazon, Alphabet, Google Malik. Analysts believe that the company is a pioneer in the direction of global oil markets.

Part of Aramco is traded on Tadawul while Assad’s share of the company has the government of the Kingdom of Saudi Arabia, which helps to pay costs of expenses and in addition to the wealth of the royal family in the country.