Saudi Aramco Reports Q1 Net Profit of $27.27 Billion, Announces Dividends and Expansion Plans
Saudi Aramco, the state-owned oil company, reported a net profit of $27.27 billion for the first quarter of 2024, a 2.04% increase from the previous quarter.
The company's total revenue for the period was $107.21 billion, with operating income reaching $58.88 billion.
Amin Nasser, the CEO, highlighted the company's resilience and strength as a leading energy supplier.
However, net profit declined by 14.44% compared to the same quarter in the previous year.
Despite lower net income, Aramco declared a base dividend of $20.3 billion and anticipates distributing a performance-linked dividend of $10.8 billion in the second quarter.
Saudi Aramco announced expectations for $124.3 billion in total dividends in 2024, consisting of a base dividend of $81.2 billion and a performance-linked dividend of $43.1 billion.
The company reported progress in its gas business during Q1, expanding its gas business and downstream value chain.
In February, a significant gas discovery of 15 trillion standard cubic feet and 2 billion barrels of condensate was made in Jafurah Field.
Engineering, procurement, and construction contracts worth $7.7 billion were awarded to expand the Fadhili Gas Plant, aiming to increase its processing capacity by 1.5 billion standard cubic feet per day.
Saudi Aramco acquired a 100% stake in Chilean retailer Esmax in Q3 2023, expanding its downstream business.
CEO Amin Nasser expects the portfolio to evolve, contributing to energy transition while ensuring affordable, reliable energy.
Aramco emphasizes its role in meeting the world's energy needs, with oil and gas continuing to play a significant role.
The company produced 12.4 million barrels of oil equivalent in Q1 2023 and aims to invest in up to 12 GW of solar and wind projects by 2030, demonstrating its commitment to sustainability.
In January, the Sudair Solar PV Plant, a 1.5 GW solar installation and one of the largest in the region, reached full operation.
This project is a collaboration between Aramco, Saudi Arabia's sovereign wealth fund, and utility developer ACWA Power.
Amin Nasser, the CEO, highlighted the company's resilience and strength as a leading energy supplier.
However, net profit declined by 14.44% compared to the same quarter in the previous year.
Despite lower net income, Aramco declared a base dividend of $20.3 billion and anticipates distributing a performance-linked dividend of $10.8 billion in the second quarter.
Saudi Aramco announced expectations for $124.3 billion in total dividends in 2024, consisting of a base dividend of $81.2 billion and a performance-linked dividend of $43.1 billion.
The company reported progress in its gas business during Q1, expanding its gas business and downstream value chain.
In February, a significant gas discovery of 15 trillion standard cubic feet and 2 billion barrels of condensate was made in Jafurah Field.
Engineering, procurement, and construction contracts worth $7.7 billion were awarded to expand the Fadhili Gas Plant, aiming to increase its processing capacity by 1.5 billion standard cubic feet per day.
Saudi Aramco acquired a 100% stake in Chilean retailer Esmax in Q3 2023, expanding its downstream business.
CEO Amin Nasser expects the portfolio to evolve, contributing to energy transition while ensuring affordable, reliable energy.
Aramco emphasizes its role in meeting the world's energy needs, with oil and gas continuing to play a significant role.
The company produced 12.4 million barrels of oil equivalent in Q1 2023 and aims to invest in up to 12 GW of solar and wind projects by 2030, demonstrating its commitment to sustainability.
In January, the Sudair Solar PV Plant, a 1.5 GW solar installation and one of the largest in the region, reached full operation.
This project is a collaboration between Aramco, Saudi Arabia's sovereign wealth fund, and utility developer ACWA Power.
Translation:
Translated by AI
