Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) posted a 14.44% year-on-year (YoY) decline in net profit to SAR 102.27 billion in the first quarter (Q1) of 2024 from SAR 119.54 billion.
Revenues went down 3.69% YoY to SAR 402.04 billion in Q1-24 from SAR 417.46 billion, according to the interim financial results.
The earnings per share (EPS) amounted to SAR 0.43 in the three-month period that ended on 31 March 2024, down from SAR 0.49 in the corresponding period a year earlier.
Quarter-on-quarter (QoQ), the company’s net profit rose by 2.04% in Q1-24 from SAR 100.22 billion in Q4-23, while the revenues shrank 1.74% from SAR 409.16 billion.
Aramco President and CEO, Amin H. Nasser, said: “Our first-quarter performance reflects the resilience and strength of Aramco […].We also continue to execute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally-integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders.”
Cash Dividends
Saudi Aramco has announced the distribution of SAR 116.51 billion ($31.07 billion), or more than SAR 0.48 per share, in base dividends to shareholders for Q1-24 and performance-linked dividends to shareholders based on the combined full-year results of 2022 and 2023.
The base dividends amount to SAR 76.10 billion ($20.29 billion), while the performance-linked dividends total SAR 40.41 billion ($10.78 billion).
The eligibility and distribution dates for Q1-24 are 14 and 23 May 2024, respectively.
New board elected
Aramco’s extraordinary general meeting (EGM) has approved, in its 6 May 2024 meeting, the election of a new board for a three-year term starting 1 July this year.
The Saudi company has appointed Yasir Al Rumayyan as Chairman of the board and Ibrahim Al Assaf as Deputy Chairman.
President of Aramco Nasser concluded: “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.”
In 2023, Aramco logged a 24.71% YoY plunge in net profit to SAR 454.76 billion from SAR 604.01 billion.
