Riyadh – Mubasher: The net profits of Saudi Arabian Oil Company (Aramco) declined by 9.06% year-on-year (YoY) to SAR 211.28 billion in the first half (H1) of 2024 from SAR 232.35 billion.

Meanwhile, the revenues edged up by 0.94% to SAR 827.75 billion in H1-24 from SAR 820.02 billion in H1-23, according to the interim financial results.

Earnings per share (EPS) amounted to SAR 0.87 in the first six months (6M) of 2024, lower than SAR 0.94 a year earlier.

Income Results for Q2-24

In the second quarter (Q2) of 2024, the oil giant recorded net profits amounting to SAR 109.01 billion, down 3.36% YoY from SAR 112.81 billion.

During the April-June 2024 period, the revenues increased by 5.75% to SAR 425.71 billion from SAR 402.56 billion in Q2-23.

Quarter-on-quarter (QoQ), the net profits in Q2-24 climbed by 6.59% from SAR 102.27 billion in Q1-24, while the revenues jumped by 5.88% from SAR 402.04 billion.

The President and CEO of Aramco, Amin Nasser, said: “We have delivered market-leading performance once again, with strong earnings and cash flows in the H1-24.”

“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.

He noted: “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 billion bond issuance.”

“Building on these strengths, we also made significant progress in key strategic areas during Q2— from advancing our gas program and expanding our new energies portfolio to partnering with leading car manufacturers on lower-emission vehicle technologies and growing our global retail network,” the CEO concluded.

Dividends

In line with its objectives to deliver a sustainable and progressive dividend, Aramco unveiled cash dividends valued at SAR 116.45 billion ($31.05 billion) for Q2-24.

The total amount includes a base dividend of SAR 76.06 billion ($20.28 billion) and a performance-linked dividend of SAR 40.39 billion ($10.77 billion).

A dividend of SAR 0.48 per share will be disbursed among 241.84 billion eligible shares on 29 August 2024.

In Q2-24, Aramco boosted its strategic gas expansion by securing contract awards worth more than $25 billion, as it targets sales gas production growth of more than 60% by 2030.

The Saudi group also penned an agreement to acquire 10% equity interest in HORSE Powertrain Limited, the global powertrain solutions company founded by Renault Group and Geely.

Additionally, the company witnessed an international retail expansion progress following the acquisition of a 40% stake in Gas and Oil Pakistan Limited (GO).