Saudi Aramco Reports Net Profit Increase in First Quarter of 2024
In a strong start to the year, energy giant Saudi Aramco announced a net profit of $27.27 billion for the first three months of 2024, representing a 2.04 percent increase from the previous quarter. The company’s total revenue for the period reached $107.21 billion, with operating income hitting $58.88 billion.
President and CEO Amin Nasser highlighted the company’s resilience and strength, emphasizing Aramco’s position as a leading energy supplier globally. Despite a 14.44 percent decline in net profit compared to the previous year’s first quarter, Aramco declared a base dividend of $20.3 billion and anticipates a performance-linked dividend of $10.8 billion in the second quarter.
The company expects to declare total dividends of $124.3 billion in 2024, with a base dividend of $81.2 billion and a performance-linked dividend of $43.1 billion. Nasser also noted significant progress in Aramco’s gas business and downstream expansion efforts.
Aramco’s exploration efforts in the Kingdom’s Jafurah Field led to the discovery of 15 trillion standard cubic feet of gas and 2 billion barrels of condensate. The company also awarded $7.7 billion in contracts for expanding the Fadhili Gas Plant and completed the acquisition of Chilean retailer Esmax to bolster downstream expansion.
Looking ahead, Nasser emphasized Aramco’s commitment to energy transition and sustainability. The company plans to invest in up to 12 gigawatts of solar and wind projects by 2030, with the Sudair Solar PV Plant already operational.