RIYADH: Despite difficult market conditions, such as declining pricing for chemicals, refined products, and crude oil, Saudi energy multinational Aramco declared a net profit of SR398.42 billion ($106.2 billion) in 2024. The corporation said in a news release that its net profit fell 12.39 percent from $121.3 billion the year before. The corporation demonstrated its dedication to shareholder returns by increasing its quarterly base dividend by 4.2 percent to $21.1 billion in spite of the drop in earnings. Aramco’s emphasis on progressive and sustainable dividends is further supported by this 12.7 percent rise over the previous three years.
The business has also announced a $0.2 billion performance-linked dividend that will be distributed in the first quarter of 2025. This comes after Saudi Arabia cut its oil production by 500,000 barrels per day in April 2023 in accordance with an OPEC+ decision. The decrease was a major contributor to Aramco’s declining profits and was in place until 2024.
“Aramco’s remarkable resilience and ability to leverage its unique scale, low cost, and high levels of reliability to deliver industry-leading performance for our shareholders and customers are demonstrated by our strong net income and increased base dividend,” stated Amin H. Nasser, CEO of Aramco.
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