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00:00What are the reasons behind Aramco's profit and revenue recession in the first quarter of this year, and what about the cash allocations announced by the company?
00:12In the beginning, we pointed out that Aramco's revenues declined by about 4% in the first quarter of this year on an annual basis, and reached about 402 billion Riyals compared to 417 billion Riyals and 460 million Riyals compared to the first quarter of 2023.
00:32Even if we look at a quarterly basis, there was a decline in revenues by about 2%, and we also point out that the revenues were less than expected, which is about 408 billion Riyals.
00:48In terms of profits, it is true that there was a decline in profits by about 12% on an annual basis during the first quarter, but it was also better than expected.
00:59The expectations were about 102 billion Riyals, but the profits reached more than 103 billion Riyals compared to the first quarter of this year, and there was a decline of more than 117 billion Riyals compared to the first quarter of 2023.
01:19If we look at the cash allocations today, it is true that the financial results are negative, we will talk about the reasons behind that, but the total cash allocations are at about 116 billion and 510 million Riyals.
01:34If we look at the cash allocations today, it is true that the financial results are negative, we will talk about the reasons behind that, but the total cash allocations are at about 116 billion and 510 million Riyals.
01:59In terms of the reasons behind the decline in revenues and profits, Aramco's company during the first quarter of this year is reducing the amount of sales in response to the rise in oil prices.
02:10It should be noted that the petrochemical sector in Saudi Arabia was under pressure in 2023 due to the decrease in oil prices.
02:30It should be noted that the petrochemical sector in Saudi Arabia was under pressure in 2023 due to the decrease in oil prices.
02:52Also, in terms of the average price of oil, it is true that in the first quarter of this year, it rose 2% to $83 per barrel compared to $81 per barrel in the first quarter of 2023.
03:07Also, in terms of the average price of oil, it rose 2% to $83 per barrel compared to $83 per barrel in the first quarter of 2023.

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