Saudi state oil giant Aramco reported its second quarter and half-year 2024 results, stating that it achieved profits of $29.1 billion in Q2 and $56.3 billion in H1. The company’s Q2 profits dipped slightly by over 3 percent compared to the same period last year as oil production remained low. Quarter-on-quarter, Saudi Aramco saw a 6.59 percent rise in net profits.
“We have delivered market-leading performance once again, with strong earnings and cash flows in the first half of the year,” stated Aramco president and CEO Amin H. Nasser.
Aramco also posted a free cash flow of $19 billion in Q2 compared to $23.2 billion a year earlier and $41.7 billion in H1. Meanwhile, cash flow from operating activities reached $31.1 billion in Q2 and $64.7 billion in H1.
The oil giant reaffirmed its Q2 base dividend of $20.3 billion and declared a performance-linked dividend of $10.8 billion that it will pay in Q3. The world’s largest oil company expects to declare total dividends of $124.2 billion in 2024.
“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.
Following the report’s release, Aramco’s stock was trading 2.24 percent higher at SAR27.40 as of 9:39 GMT.
