Saudi Aramco reports a net profit of $27.27bn for Q1 of 2024, marking a 2.04% increase from the previous quarter. However, there was a 14% decline compared to the same period last year.
Aramco announced a base dividend of $20.3 billion for the first quarter and plans to distribute a performance-linked dividend of $10.8 billion in the second quarter. The company aims to provide total dividends of $124.3 billion in 2024, with $81.2 billion as the base dividend and $43.1 billion as the performance-linked dividend.
During the first quarter, Aramco achieved significant milestones in its gas business, including the discovery of 15 trillion standard cubic feet of gas and 2 billion barrels of condensate in the Jafurah Field. Additionally, the company awarded contracts worth $7.7 billion for the expansion of the Fadhili Gas Plant.
In Q3 of 2023, Aramco successfully acquired a 100% equity stake in Chilean retailer Esmax.
