Saudi Aramco posts $106.2bn profit for 2024.
Saudi energy giant Aramco reported a net profit of SR398.42 billion ($106.2 billion) in 2024, despite challenging market conditions, including lower prices for crude oil, refined products, and chemicals.
In a press statement, the company revealed that its net profit declined by 12.39 percent from $121.3 billion in the previous year. Despite the earnings decline, the company raised its quarterly base dividend by 4.2 percent to $21.1 billion, underscoring its commitment to shareholder returns. This represents a 12.7 percent increase over the past three years, reinforcing Aramco’s focus on sustainable and progressive payouts.
Additionally, the company has declared a performance-linked dividend of $0.2 billion to be paid in the first quarter of 2025. This comes as Saudi Arabia, in line with OPEC+ decision, reduced its oil output by 500,000 barrels per day in April 2023. The cut, which remained in effect throughout 2024, was also a key factor in Aramco’s profit decline.
According to the statement, Aramco’s total revenue stood at SR1.63 trillion in 2024, representing a marginal decline of 0.97 percent compared to 2023. The energy giant’s operational profit stood at SR774.63 billion in 2024, down 10.79 percent from the previous year.
Aramco’s fourth quarter profit aligned with analyst expectations despite $1.7 billion in non-cash charges. Total shareholders’ equity, after minority interest, stood at SR1.45 trillion as of Dec. 31, 2024, compared to SR1.53 trillion a year earlier. The company expects total dividends of $85.4 billion to be declared in 2025.
Source: ARABNEWS
