Aramco Reports $29.1Bn Net Profit in Q2, Up 6.59% QoQ

RIYADH: Saudi oil giant Aramco reported a net profit of $29.1 billion for the second quarter of 2024, reflecting a 6.59 percent quarter-on-quarter increase, despite challenging market conditions. 

For the first half of the year, the company said its net income reached $56.3 billion. 

Operating cash flow amounted to $31.1 billion for the second quarter and $64.7 billion for the first half.  

Amin H. Nasser, Aramco’s President and CEO, said: “We have 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.” 

Aramco has declared a base dividend of $20.3 billion for the second quarter and a performance-linked dividend of $10.8 billion, which will be paid in the third quarter.  

The company expects to declare total dividends of $124.2 billion for 2024, highlighting its strong financial position. 

“We have also continued to create and deliver both value and growth, as demonstrated by the positive investor response to the Government’s secondary public offering of Aramco shares and our recent $6.0 billion bond issuance. Our drive to create value is supported by our distinctive long-term competitive advantages, our exceptional financial resilience through cycles, and our strong balance sheet,” he added.