She said Aramco In a statement on the stock market website Saudi Arabia Tadawul said it recorded net income of 103.37 billion riyals (about $27.56 billion) in the three months to September 30, exceeding the company’s average expectations of $26.9 billion.
Citi had forecast net income of $26.3 billion in a research note last month.
The company announced basic dividends for the third quarter of 2024 worth 76.1 billion riyals (about $20.3 billion) and performance-related dividends worth 40.4 billion riyals ($10.8 billion) to be paid in the fourth quarter.
For his part, Amin Nasser, CEO of Saudi Aramco, said, “We achieved net income and strong free cash flows during the third quarter despite the decline in oil prices. We also recorded progress in developing the refining and production sector and worked to strengthen the value chain in the refining, chemicals and marketing sectors and developed a program.” Our new energy sources, as we continue to invest across cycles.
Al-Nasser added: “Our recent issuance of international sukuks worth $30 billion has contributed to highlighting the strong confidence of investors in Saudi Aramco.”
Saudi Aramco achieved quarterly revenues of 416.6 billion riyals, a slight decline of 1.7 percent on an annual basis.
Regarding the first nine months of 2024, the company said that it achieved net profits of 314.65 billion riyals, compared to 354.5 billion riyals in the same period of the previous year, a decline of 11.2 percent.
While revenues amounted to 1.244 trillion riyals, with an annual growth rate of 0.02 percent.
