Saudi Aramco expects SAR 466.1B cash dividends in 2024

Saudi Arabian Oil Co. (Saudi Aramco) expects to pay SAR 466.1 billion, or $124.3 billion, in dividends in 2024, including a base dividend of SAR 304.4 billion and a performance-linked dividend of 161.7 billion.

“Our first-quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries and to people worldwide,” Saudi Aramco’s President and CEO, Amin H. Nasser, said.

Commenting on the company's first-quarter financial results, Nasser said that Aramco, year-to-date, has increased its goal of producing gas by 2030 and announced large gas reserves and proven condensates in the Jafurah Gas Field.

The company has also awarded contracts to expand the processing capacity of the Fadhili Gas Plant, strengthened its expansion in major global markets by completing its first investments in the retail sector in South America, and more than doubled the size of its venture capital program to reach SAR 28.1 billion.

Nasser believes that traditional energy will remain at the core of the global energy mix in the foreseeable future, with alternative solutions added over time.

“Looking ahead, I expect our portfolio to continue to evolve as we aim to contribute to an energy transition that offers solutions to climate challenges, but at the same time recognizes the need for affordable, reliable, and flexible energy supplies,” he said.

Aramco's strong financial position allows it to adopt a long-term vision, and through its asset base, technology is an essential element for maintaining its competitive advantage.

Developing new technologies is expected to enable the company to meet its customers’ needs in a safe, affordable, and more sustainable way.

According to data available on Argaam, Aramco's profits dropped to SAR 103.4 billion by the end of Q1 2024, compared to profits of SAR 117.5 billion during the same period in 2023.

The company declared a base dividend of SAR 0.31 a share, totaling SAR 76.10 billion, in line with the company’s dividend policy, which aims to distribute sustainable and increasing profits.

It also announced the payment of a performance-linked dividend of SAR 0.1670 a share, totaling SAR 40.41 billion, based on the combined full-year results of 2022 and 2023.

source: argaam