Although this figure is lower than the record-breaking $161 billion profit achieved in 2022, it still represents the second-highest profit in the company's history. The decline can be attributed to lower energy prices, which impacted crude oil prices and volumes sold, as well as weakening refining and chemicals margins.

Despite this decrease, Aramco remained steadfast in boosting dividends for its stockholders. During the fourth quarter, the company distributed over $31 billion in dividends, according to filings. The energy giant's overall revenue for the year amounted to $440 billion, down from $535 billion in 2022.

Aramco's CEO, Amin H. Nasser, expressed optimism about the company's performance, highlighting its resilience and agility in navigating economic headwinds. He stated, "Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds."

Aramco, also known as the Saudi Arabian Oil Co., maintained its output at 12.8 million barrels of oil per day, even though the company had earlier planned to increase production. This decision came as a result of the Saudi government's directive to keep production levels steady, as Saudi Arabia, as a leading member of the OPEC cartel, collaborates with Russia and other non-OPEC countries to reduce output and boost global oil prices.

While Aramco's profitability is significant for the Saudi kingdom, it also places pressure on the country as it embarks on a monumental development project led by Crown Prince Mohammed bin Salman to diversify its revenue streams and reduce its reliance on oil. This ambitious project includes the creation of the $500 billion futuristic desert city known as Neom, among others.

However, Aramco's impressive profits have attracted criticism from activists concerned about fossil fuel consumption's impact on climate change. This issue has gained global attention and adds pressure on the company to address sustainability and transition to cleaner energy sources.

In a notable move, Crown Prince Mohammed recently transferred another 8 percent of Aramco shares, worth over $160 billion, to the country's prominent sovereign wealth fund. While the majority of the company remains under the control of the Al Saud royal family, a small portion is traded on the Tadawul stock market.

Aramco's market value stands at $2 trillion, making it the world's fourth most valuable firm, preceded by Apple, Microsoft, and NVIDIA. Aramco stocks traded slightly up on the Tadawul at $8.64 per share on Sunday.

As Aramco continues its operations as a global energy powerhouse, the company faces the dual challenge of balancing profitability with environmental concerns while Saudi Arabia aims to transition away from oil dependence toward a more diversified and sustainable economy.