Artur Widak | Nurphoto | Getty ImagesSaudi Arabia's state oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022.
Changing HandsThe earnings come after the Saudi government transferred an additional 8% of Aramco shares, worth $164 billion, to Saudi Arabia's Public Investment Fund (PIF).
PIF already owned 4% of Aramco, and controls Sanabil, a financial investment firm, which owns 4% of Aramco as well.
Aramco said total dividends of $97.8 billion were paid in 2023, up 30% from 2022.
watch nowThe PIF's 16% state in Aramco, worth an estimated $328 billion, is set to strengthen its financial position and boost its ability to deploy capital to invest on behalf of the Saudi state.
Persons:
Artur Widak, Amin Nasser, Yasir Al
Organizations:
Aramco, Saudi Arabian Oil Group, World Petroleum Congress, Nurphoto, Getty, Saudi, Saudi Arabia's Public Investment Fund
Locations:
Saudi, Stampede, Calgary, Canada, Aramco