Saudi Aramco Q1 net income falls 4.6% on high cost, low crude prices

SINGAPORE (ICIS)–Saudi Aramco’s first-quarter net income fell by 4.6% year on year to Saudi riyal (SR) 97.5 billion ($26 billion), weighed down by a combination of higher cost and lower oil prices.

in SR billions	Q1 2025	Q1 2024	% Change
Sales	405.65	402.04	0.9
Operating profit	191.36	202.05	-5.3
Net Profit	97.54	102.27	-4.6

Its total revenue in the first three months of 2025 increased by 0.9% year on year on higher sales volumes for gas and refined and chemical products, as well as higher traded volumes of crude oil, the company said in a filing on the Saudi bourse on 11 May.

Aramco’s average realized crude oil prices in Q1 2025 stood at $76.3/bbl, down from $83.0/bbl in the same period last year.

“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,” Aramco president & CEO Amin Nasser said in a statement.

Saudi Aramco’s Q1 capital expenditures of $12.5 billion “support long-term strategic growth”.

New oil and gas discoveries in Saudi Arabia, which is the world’s biggest exporter of crude oil, “reflects sustained advantage in exploration”, the company said.

In February 2025, Aramco entered a definitive to acquire 25% equity stake in Unioil Petroleum Philippines to support strategic growth in downstream value chain.

In the following month, Aramco completed acquisition of 50% equity interest in Blue Hydrogen Industrial Gases Co aims to capitalize on emerging opportunities for lower-carbon energy.

($1 = SR3.75)

Thumbnail image: A view of Shaybah oilfield in Rub Al-Khali, Saudi Arabia – 17 December 2018 (By VALDRIN XHEMAJ/EPA-EFE/Shutterstock)