BAKU, Azerbaijan, November 28. Saudi Aramco's earnings before interest, income taxes, and zakat (EBIT) from downstream projects in the third quarter of 2023 amounted to $5,264, Trend reports.
According to the company's financial results, this showcases a significant improvement from $1,132 recorded in the corresponding quarter of 2022. This positive shift was mainly attributed to movements in inventory valuation, Aramco added.
During the third quarter of 2023, Aramco's capital expenditures from downstream projects amounted to $1,882, reflecting a 10.9-percent increase from $1,697 in 3Q2022. This rise was mainly driven by ongoing developments in growth projects.
Meanwhile, for the initial nine months of 2023, Aramco's EBIT amounted to $9,473, indicating a decrease of over 56 percent from $21,806 reported during 9M2022. This decline was mainly influenced by movements in inventory valuation and reduced margins in refining and chemicals, the company noted.
During the reporting period of 2023, capital expenditures $5,809, marking a 12.3-percent increase from $5,174 in the corresponding period of 2022. This rise was primarily attributed to heightened investments and expansion efforts, Aramco said.