Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) recorded net profits amounting to SAR 314.65 billion in the first nine months (9M) of 2024, down 11.25% from SAR 354.54 billion in 9M-23.
Revenues inched up by 0.02% year-on-year (YoY) to SAR 1.24 trillion in January-September 2024, according to the interim financial statements.
The earnings per share (EPS) plunged to SAR 1.27 in 9M-24 SAR 1.45 in the year-ago period.
Financials for Q3-24
In the third quarter (Q3) of 2024, Aramco posted 15.40% lower net profits at SAR 103.37 billion, compared to SAR 122.19 billion in Q3-23.
The oil giant generated revenues valued at SAR 416.63 billion, marking an annual decline of 1.76% from SAR 424.10 billion.
Quarterly, the net profits in Q3-24 dropped by 5.17% from SAR 109.01 billion in Q2-24, while the revenues fell by 2.13% from SAR 425.71 billion.
Amin Nasser, President and CEO of Aramco, commented: “Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment.”
“We also progressed our upstream developments, strengthened our downstream value chain, and advanced our new energies programme as we continue to invest through cycles,” Nasser added.
He underlined: “Our recent $3 billion international sukuk issuance highlighted strong investor confidence in Aramco and we can be proud of the significant strides the company continues to make, all while sustaining our high levels of profitability, operational performance and reliability.
Cash Dividends for Q3-24
Saudi Aramco declared the sixth distribution of the performance-linked dividends to shareholders based on the combined full-year results of 2022 and 2023.
The board approved the disbarment of SAR 116.45 billion ($31.05 billion), including base dividends of SAR 76.06 billion ($20.28 billion) and performance-linked dividends of SAR 40.39 billion ($10.77 billion).
The Saudi group will pay a dividend of SAR 0.48 per share for 241.84 billion eligible shares.
Eligibility and distribution dates for the Q3-24 cash dividends will be 14 and 26 November 2024, respectively.
