Saudi Aramco’s net profit fell 14% year-on-year in the primary quarter attributable to lower oil prices and production.
Net income for the three months ended March 31 was $27.3 billion, down from $31.9 billion in the identical period last 12 months, the corporate reported. The number was in keeping with analysts’ expectations, it is claimed Reuters.
Aramco reported free money flow of $22.8 billion for the quarter, down from $30.9 billion in the primary quarter of 2023, and money flow from operating activities of $33.6 billion in comparison with $39.6 billion last 12 months.
Still, the Saudi state-owned oil giant can pay the Saudi government and other shareholders a complete dividend of $31 billion, consisting of a base dividend of $20.3 billion and a “fourth performance-based dividend distribution of $10.8 billion.” dollars,” which will probably be paid out within the second quarter, the corporate said in its earnings release.
Aramco, the world’s largest oil exporter, expects to pay a complete dividend of $124.3 billion in 2024, it said.
The Company has also invested significantly in downstream operations and gas discovery and production.
Amin Nasser, president and CEO of Aramco, was quoted within the earnings release as saying, “We continue to execute on our long-term strategy and made significant progress in the first quarter in expanding our gas business and expanding our globally integrated downstream value chain.” At the identical time, we remain focused on continually creating value for our shareholders.”
