Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) generated net profits amounting to SAR 398.42 billion ($106.25 billion) in 2024, marking a 12.39% decrease from SAR 454.76 billion ($121.27 billion) in 2023.
The earnings per share (EPS) declined to SAR 1.63 in 2024, compared to SAR 1.87 a year earlier, according to the income statements.
Aramco witnessed a marginal drop of 0.97% in revenue to SAR 1.63 trillion ($436.61 billion) in 2024 from SAR 1.65 billion ($440.88 billion) in 2023.
The oil giant attributed the annual decrease in 2024 net profit to lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income. Meanwhile, this was partially offset by lower income taxes and Zakat.
Dividends and First Performance-linked Dividends
During their 3 March 2025 meeting, the board members of Aramco announced the cash dividends for the fourth quarter (Q4) of 2024 in addition to the first performance-linked dividend to shareholders based on full-year results of 2024.
Aramco unveiled it will pay a total amount of SAR 80.10 billion ($21.36 billion) for 241.86 billion eligible shares.
The dividend payout stands at SAR 0.3312 per share, with the base dividend totalling SAR 79.28 billion ($21.14 billion) that is equivalent to SAR 0.3278 per share. This is in addition to the performance-linked dividends of SAR 820 million ($220 million), equivalent to SAR 0.0034 per share.
The company noted that the eligibility and distribution dates for the 2024 dividends are 17 and 26 March 2025, respectively.
Comment on 2024 Results
Highlighting the robust performance throughout 2024, Aramco President and CEO Amin H. Nasser, said: “Our strong net income and increased base dividend illustrate Aramco’s exceptional 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.”
Nasser noted: “Global oil demand reached new highs in 2024, and we expect further growth in 2025.”
He elaborated: “With dependable and more sustainable energy key to global economic growth, we continue to make progress on projects to maintain our maximum sustainable crude oil capacity, expand our gas capabilities, achieve further integration of our Upstream and Downstream businesses to capture additional value, and help mitigate gas emissions.”
As for the AI deployment, Nasser said: “We are also adopting and deploying AI technologies and solutions at scale across our operations, unlocking greater efficiencies and value creation throughout our business. Capital discipline is at the core of Aramco’s strategy, enabling us to deliver growth and capture value across conventional and new energy solutions.”
It is worth noting that during the first nine months (9M) of 2024, Aramco achieved a net profit of SAR 314.65 billion in addition to revenue worth SAR 1.24 trillion.
