Saudi oil giant Aramco reports £83 billion profit in 2024

Saudi Arabia’s state-owned oil company Aramco was formally known as the Saudi Arabian Oil Co (Amr Nabil/AP)

Saudi Arabia’s state-owned oil giant Aramco has reported a 106.25 billion-dollar profit (£83 billion) in 2024, down 12% from the previous year as lower energy prices now squeeze the kingdom’s multi-trillion-dollar development plans.

A filing on Riyadh’s Tadawul stock exchange showed Aramco, formally known as the Saudi Arabian Oil Co, had revenues of 436 billion dollars (£343 billion) in 2024. That compares with 440.88 billion dollars (£347.06 billion) in 2023.