Saudi Arabian Oil Second Quarter 2024 Earnings: Beats Expectations

Saudi Arabian Oil (TADAWUL:2222) Second Quarter 2024 Results

Key Financial Results

• Revenue: ر.س470.6b (up 5.0% from 2Q 2023).
• Net income: ر.س106.2b (down 2.5% from 2Q 2023).
• Profit margin: 23% (down from 24% in 2Q 2023). The decrease in margin was driven by higher expenses.
• EPS: ر.س0.44 (down from ر.س0.45 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Saudi Arabian Oil Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 1.5%.

Looking ahead, revenue is expected to fall by 6.6% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Oil and Gas industry in Asia.

Performance of the market in Saudi Arabia.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

You still need to take note of risks, for example - Saudi Arabian Oil has 1 warning sign we think you should be aware of.

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