Aramco Leads Globally in Artificial Intelligence
Saudi Aramco got the Infrastructure and Construction award due to adoption of IoT and AI technologies. The award was presented at the World Smart City Awards in Spain.
Amer Platform’s Pioneering Role
Aramco’s Amer platform, responsible for revolutionizing facility and service management, earned this global accolade. The platform is used at Aramco’s Dhahran headquarters.
Talal Al-Marri, Aramco’s Senior Vice President for Community Services, viewed the award as a tribute. It acknowledges Aramco’s efforts in developing global smart cities.
He emphasized that their goals extend beyond basic services like transportation and utilities, to providing services to improve life quality.
On his part, Nabil Al-Nuaim, Aramco’s Chief Digital Officer, expressed pride in this achievement. He highlighted how Aramco’s investment in advanced digital technologies, like IoT and AI, has made a positive impact.
Aramco Net Profit
Saudi Aramco, the world’s leading oil-producing company, has shown resilience in the face of a fluctuating oil market.
The third quarter of 2023 witnessed an 8.31% increase in net profit, totaling SR122.19 billion ($32.6 billion) compared to the previous quarter. This uplift was due to the surge in crude oil prices and better refining margin.
Despite the quarter-on-quarter increase, when looking at the year-on-year figures, Aramco experienced a 23% drop in third-quarter net profit. The decline from $42.4 billion in the same period the previous year to $32.6 billion was due to lower crude oil prices and reduced sales volumes.
Amidst these challenges, Aramco’s strategic investments, such as the inaugural international investment in liquefied natural gas (LNG) and expansion into the South American retail market, highlight its ambitions to diversify and grow its global footprint.
Moreover, the company continues to reward its shareholders, declaring a consistent base dividend of $19.5 billion for Q3 and approving a second performance-linked dividend of $9.9 billion.