DUBAI Oil giant Saudi Aramco on Tuesday reported a 3.4% fall in second-quarter profit on lower crude volumes and softer refining margins.
Aramco posted second-quarter net income of 109.01 billion riyals (US$29.03 billion or RM238.5 billion) in the three months to June 30, beating a company-provided median estimate from 15 analysts of US$27.7 billion.
Dividends of US$31.1 billion were declared for the second quarter, including US$10.8 billion in performance-linked payouts. Aramco introduced the performance-linked dividends last year, on top of a base dividend that is paid regardless of results, an uncommon practice among listed companies.
Aramco said on Tuesday it expects US$124.2 billion in total dividends in 2024, roughly in line with previous guidance of US$124.3 billion.
The Saudi government holds nearly 81.5% of Aramco and relies heavily on the company's payouts, which include royalties and taxes. Saudi's sovereign wealth fund PIF holds another 16% of Aramco and also benefits from its dividends.
- Reuters
Created by Tan KW | Sep 09, 2024
Created by Tan KW | Sep 09, 2024
Created by Tan KW | Sep 09, 2024
Created by Tan KW | Sep 09, 2024
Created by Tan KW | Sep 09, 2024