Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) recorded net profits after Zakat and tax valued at SAR 232.35 billion in the first half (H1) of 2023, an annual plunge of 29.52% from SAR 329.67 billion.

The revenues stood at SAR 820.02 billion in H1-23, lower by 20.31% year-on-year (YoY) than SAR 1.02 trillion, according to the interim financial results.

Earnings per share (EPS) retreated to SAR 0.94 as of 30 June 2023 from SAR 1.31 during the same period in 2022.

Financial Statements for Q2-23

During the second quarter (Q2) of 2023, the petroleum firm achieved SAR 112.81 billion in net profit after Zakat and tax, down 37.89% from SAR 181.64 billion a year earlier.

The company generated revenues valued at SAR 402.56 billion in April-June 2023, a 28.38% YoY decrease from SAR 562.07 billion.

On a quarterly basis, the Q2-23 net profits went down by 5.63% from SAR 119.45 billion in Q1-23, while the revenues declined by 3.57% from SAR 417.46 billion.

Amin Nasser, President and CEO of Aramco, noted: “Our strong results reflect our resilience and ability to adapt through market cycles. We continue to demonstrate our long-standing ability to meet the needs of customers around the world with high levels of reliability.”

“We are maintaining the largest capital spending program in our history, with the aim of increasing our oil and gas production capacity and expanding our Downstream business — with petrochemicals projects, such as our $11 billion expansion of the SATORP refinery with TotalEnergies, essential to meet future demand,” Nasser added.

Dividends

In line with its policy to deliver a sustainable and progressive dividend, Saudi Aramco announced cash dividends for Q2-23 as well as performance-linked dividends based on the combined full-year results of 2022 and H1-23.

The total dividend amount stands at SAR 110.18 billion ($29.38 billion), including a base dividend of SAR 73.16 billion ($19.51 billion) and a performance-linked dividend of SAR 37.02 billion ($9.87 billion).

In this regard, the oil giant will disburse a total of SAR 0.45 per share for 241.94 billion eligible shares.

Eligibility and payment dates for the dividends will be 10 and 27 September 2023, respectively.

The CEO commented: “For our shareholders, we intend to start distributing our first performance-linked dividend in Q3.”