Saudi Arabia’s Aramco has released its latest financial results, revealing it has obtained a net income of SAR109 billion ($29.1 billion) during the second quarter of the year, and SAR211.3 billion ($56.3 billion) for the first half of 2024.
The company also revealed that cash flow from operating activities reached SAR116.6 billion ($31.1 billion) for Q2 2024 and SAR242.6 billion ($64.7 billion) for the first six months of the year, with free cash flow amounting to SAR71.1 billion ($19 billion) in Q2 and SAR156.4 billion ($41.7 billion) in H1.
Following the strong results, Aramco has announced it plans to pay a base dividend of SAR76.1 billion ($20.3 billion) for Q2 2024 and a performance-linked dividend of SAR40.4 billion ($10.8 billion) in Q3 2024.
Aramco expects to declare total dividends of SAR465.9 billion ($124.2 billion) in 2024.
Amin H. Nasser, Aramco President and CEO, celebrated the results, stressing that the company had “delivered market-leading performance once again”, with strong earnings and cash flows in the first half of the year.
“Leveraging these strong earnings, we continued to deliver a base dividend that is sustainable and progressive, and a performance-linked dividend that shares the upside with our shareholders,” Nasser added. “These are exciting times for Aramco as we continue to seek new opportunities to enhance our portfolio and our capabilities to enable a secure and more sustainable energy future.”
The Saudi Arabian government has recently completed a secondary public offering of Aramco shares, which received large amounts of investor interest and raised an estimated $12 billion. The upcoming share sale represents the culmination of a years-long plan to sell more shares in Aramco following its record-setting IPO in 2019, which raised $29.4 billion.
Additionally, the Kingdom’s oil firm also completed a $6 billion bond issuance earlier this year. Aramco reported a net income of $121.3 billion for 2023, the second-highest in the company’s history.
