RIYADH: In Q3 2024, Saudi Aramco earned a net profit of $ 27.52 billion (SR 03.37 billion), above analyst expectations of $ 26.9 billion. However, the profit was 15.40% lower than in Q3 2024 given the challenging market conditions and lower crude oil, refined and chemical product pipes. The oil output was cut by 50,000 barrels per day, starting from April 2023 to December 2024 due to Saudi Arabia’s alignment with OPEC+.
Aramco’s Q3 revenue from Sales was SR 416.63, lower by 1.76% from the previous year. Capital investments grew to SR 49.6 billion, indicating the company’s commitment to increase its capacity. Additionally, the company has issued $ 3 billion in international sukuk to broaden investor base and increase liquidity. Amin Nasser, Aramco’s President and CEO mentioned the company has a strong cash flow and operational performance and strategic investments in both upstream and downstream sectors as well as renewable energy.
Aramco’s net profit for the first nine months of 2024 was SR 314.65 billion, down by 11.25% compared to 2023, while total sales revenue increased marginally by 0.02% to SR 1.24 trillion. The company announced SR 0.315 as base dividend per share, coming to a total of SR 76.06 billion, and a performance linked dividend of SR 0.167 per share, totaling SR 40.39 billion.
Aramco completed financial closures for three solar photovoltaic projects which is worth SR 12 billion with a capacity of 5.5 GW in renewable energy. The projects include Haden and Muwayh projects in Makkah (2 GW each) and Al-Khushaybi project in Qassim (1.5 GW), which reflects the company’s commitment to develop clean energy.
