Saudi Aramco, 15% drop in third quarter profit but maintains dividend

Saudi Aramco 15 drop in third quarter profit but maintains

(Finance) – Saudi Aramcothe Saudi national hydrocarbon company, closed the third quarter of 2024 with a net profit of $27.6 billion, down 15% from the third quarter of 2023 ($32.6 billion), but still beating analysts’ estimate of $26.9 billion (provided by the company).

Cash flow from operating activities was $35.2 billion (Q3 2023: $31.4 billion), while free cash flow of $22 billion (Q3 2023: $20.3 billion).

Saudi Aramco maintains the dividend Q3 2024 base of $20.3 billion, with a performance-related dividend of $10.8 billion declared for distribution in the fourth quarter.

“Aramco reported solid net income and generated strong free cash flow during the third quarter, despite a lower oil price environment – commented the president e CEO Amin H. Nasser – We have also advanced our upstream developments, strengthened our downstream value chain and advanced our new energy agenda as we continue to invest across cycles.”

“Our recent $3.0 billion international sukuk issuance highlighted a strong investor confidence at Aramco and we can be proud of the significant strides the company continues to make, all while maintaining our high levels of profitability, operational performance and reliability,” he added.

tlb-finance