Saudi Arabia’s state-owned oil producer Saudi Aramco reported a decline in net profit to $106.2 billion in 2024, down 12% from $121.3 billion in 2023.
The company said its base dividend for the fourth quarter of 2024 was $21.1 billion, but its performance-related payout was just $0.2 billion. This compares with a third-quarter base dividend of $20.3 billion and a performance-related dividend of $10.8 billion.
Aramco reported an annual profit of $121 billion in 2023, down from a record 2022 due also to lower energy prices.
The decline was driven primarily by lower revenue and other income related to sales, higher operating costs, and lower financial and other income.
Shares in Aramco were trading around $7.33 per share on Tuesday, down from a year-over-year high of $8.71.
It has been falling for the past year as oil prices have fallen. Benchmark Brent crude is at $73, down 10% this year.
Aramco has a market value of $1.74 trillion, making it the sixth most valuable company in the world behind Apple, Microsoft, NVIDIA, Amazon and Alphabet.
