Saudi Aramco’s Net Profit Reached $27.27 Billion in Q1

Saudi Aramco’s Net Profit Reached $27.27 Billion in Q1

RIYADH: Saudi Aramco reported a net profit of $27.27 billion in the first three months of the year, up 2.04% from the previous quarter.

According to the company’s statement, the state-owned oil firm’s total revenue for the three months ending in March was $107.21 billion, with a total operating income of $58.88 billion. Saudi Aramco’s president and CEO, Amin Nasser, stated: “Our first quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading energy supplier to economies, industries, and people worldwide. However, compared to the previous year’s first quarter, the Tadawul-listed firm’s net profit fell by 14.44 percent by the end of March 2024.

Despite lower net income, Aramco declared a base dividend of $20.3 billion for the first three months of the year and expects to pay its fourth performance-linked dividend of $10.8 billion in the second quarter. According to the statement, the company expects to declare total dividends of $124.3 billion in 2024, including a base dividend of $81.2 billion and a performance-linked dividend of $43.1 billion.

Nasser stated that Saudi Aramco made significant progress in the gas business during the first quarter. We also continue to carry out our long-term strategy, and in the first quarter we, we made significant strides on expanding our gas business and growing our globally integrated downstream value chain while maintaining our concentration on consistently delivering value for our shareholders,” he stated.

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