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00:00Aramco's profits in 2023 declined by 25% to 455 billion riyals,
00:09as a result of the decline in oil prices last year,
00:13but it achieved the second-highest income in its history last year.
00:18But what are the expectations of the quarter-final results?
00:21The first quarter indicates expectations of a 10% decline in revenues to 408 billion riyals,
00:29and it also indicates expectations of a 13% decline in revenues in the first quarter of 2024 to 102 billion riyals.
00:41These expectations come after the decline in oil prices.
00:46Oil prices declined for 12 months until March 2024 by more than 2%.
00:54But what are the expectations?
00:55The first quarter indicates expectations of a 33% decline in revenues to 73 billion riyals,
01:04in addition to the performance-related distribution,
01:07and it will be the second time the company has distributed this kind of profits.
01:13In 2024, the company distributed 116.5 billion riyals of profits,
01:20and increased it by nearly 4% compared to the third quarter distribution in 2023.
01:27The most prominent developments in the first quarter of 2024,
01:30Aramco received a direction to maintain its high production capacity of 12 million barrels per day.
01:37In a special statement to CNBC,
01:39President Aramco said that the company has the ability to adapt to changes,
01:46and the 12 million barrels will contribute to improving capital spending
01:50in addition to strengthening free cash flows.
01:54As for gas, the most prominent developments in the first quarter of 2024
01:58will add a large amount of gas-confirmed reserves,
02:0115 trillion cubic feet,
02:04and it is mentioned that the company aims to increase its gas production by more than 60% by 2030 compared to 2021.
02:14The company contributed 5.7% of profits to the Saudi market,
02:19a 16-fold increase,
02:22but since the beginning of the year, it has receded by 9%.
02:26The price of gas contracts is mentioned to have receded 17% since the beginning of the year,
02:32but it indicates expectations to rise during the winter of 2024-2025.
02:39It is also mentioned that Tuprif, which is Aramco's subsidiary,
02:43has receded by at least three months,
02:46with a recession of 46% in the first quarter on an annual basis.
02:51The question remains, to what extent will Aramco's subsidiaries press on its results?