Saudi Arabian Oil Co.(2222.SA), the state-owned oil company of Saudi Arabia, has reported its financial results for the second quarter of 2024. 

The company has once again delivered market-leading performance, with strong earnings and cash flow in the first half of the year, said Amin Nasser, CEO of Saudi Aramco, in the company's press release.

• The company's sales revenue for the quarter reached SAR 425.71 billion, up from SAR 402.56 billion in the same period last year. This increase was primarily driven by higher prices of crude oil, refined products, and petrochemicals, as well as increased sales volumes of refined products and petrochemicals, partially offset by a decrease in crude oil sales volumes.
• The company's net profit for the quarter was SAR 109.01 billion, compared to SAR 112.81 billion in the same period last year. This reflects the impact of lower crude oil sales volumes and decreased refining margins, partially offset by the increase in crude oil prices compared to the same period last year, as well as lower income tax and zakat.
• In the first half of 2024, Saudi Aramco's total revenue was SAR 827.75 billion, compared to SAR 820.02 billion in the same period last year. The revenue remained relatively flat, as the increase in crude oil and refined product prices was largely offset by the decrease in crude oil sales volumes.
• The company's net profit for the first half of 2024 was SAR 211.28 billion, compared to SAR 223.35 billion in the same period last year. The decrease was primarily due to lower crude oil sales volumes, decreased refining margins, and lower finance and other income. This was partially offset by the increase in crude oil prices compared to the same period last year, as well as lower production royalties and lower income tax and zakat.

The independent auditor's report on the financial statements was unmodified.