Saudi Arabian oil behemoth, Aramco, has reported a profit of $121 billion for the previous year. This figure, while impressive, marks a decrease from the record-breaking profit of $161 billion that the company reported in 2022. The dip in profits is attributed to lower energy prices and reduced volumes sold.

Despite the decrease, Aramco’s performance remains robust. The reported profit is the company’s second-highest ever. This resilience is attributed to the strategic measures taken by the members of the OPEC+ alliance, which includes Saudi Arabia. The alliance has been reducing their production in an effort to bolster global energy prices.

However, the lower profits present a challenge for Saudi Arabia as it embarks on an ambitious development project led by its Crown Prince. The project aims to diversify the kingdom’s economy and reduce its dependence on oil revenues.

Aramco’s dividends to its stockholders have increased, despite the lower profits. The company has planned a conference call to discuss its results. Aramco’s overall revenue for the last year was $440 billion, a decrease from $535 billion in 2022.

Aramco’s CEO, Amin H. Nasser, has credited the company’s resilience and agility for its healthy cash flows and high levels of profitability. Despite economic headwinds, Aramco has maintained an output of 12.8 million barrels of oil a day.

Aramco, also known as the Saudi Arabian Oil Co., is currently the world’s fourth most valuable firm, trailing behind Apple, Microsoft, and NVIDIA. The company’s stock traded slightly up on the Tadawul at $8.64 a share.

The Crown Prince hopes to use the oil wealth to pivot the kingdom off oil sales. This includes his planned $500 billion futuristic desert city, Neom, and other projects.