Despite difficult market conditions, Saudi oil company Aramco announced a net profit of $29.1 billion for the second quarter of 2024, a 6.59 percent quarter-over-quarter rise.
The business said that its net income for the first half of the year was $56.3 billion.
In the six months ending at the end of June, operating cash flow was $64.7 billion, of which $31.1 billion came in the second quarter of the year.
“We have delivered market-leading performance once again, with strong earnings and cash flows in the first half of the year,” stated Amin Nasser, president and CEO of Aramco. We continued to deliver a sustainable and growing base dividend and a performance-linked dividend that shares the gains with our shareholders by utilizing these robust earnings.
For the second quarter, Aramco announced a basic dividend of $20.3 billion and a performance-linked dividend of $10.8 billion, to be paid over the following three months.
The company’s robust financial situation is demonstrated by its projected $124.2 billion in dividend payments for 2024.
As seen by the favorable investor reaction to the Government’s secondary public offering of Aramco shares and our most recent $6 billion bond issuance, we have also continued to develop and deliver both value and growth. Our solid bank sheet, remarkable financial stability through cycles, and unique long-term competitive advantages all contribute to our ambition to build wealth, he continued.
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