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

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