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Saudi Aramco’s net profit hits $27.27bn in Q1


Energy giant Saudi Aramco announced a net profit of $27.27 billion for the first quarter of this year, showing a 2.04 percent increase compared to the previous quarter. The company's total revenue for the same period stood at $107.21 billion, with a total operating income of $58.88 billion.

Aramco's President and CEO, Amin Nasser, stated that the first-quarter performance reflects the company's resilience and strength, reinforcing its position as a leading energy supplier globally. However, compared to the same quarter of the previous year, the net profit declined by 14.44 percent by March 2024.

Despite the lower net income, Aramco declared a base dividend of $20.3 billion for the first three months and expects to distribute a performance-linked dividend of $10.8 billion in the second quarter, totaling $124.3 billion in dividends for 2024.

Nasser highlighted significant progress in Aramco's gas business during the first quarter, including the discovery of additional gas reserves in the Jafurah Field and major contracts for expanding the Fadhili Gas Plant.

Furthermore, Aramco completed the acquisition of Chilean retailer Esmax in 2023, strengthening its downstream expansion efforts. Nasser emphasized Aramco's commitment to contributing to an energy transition while recognizing the importance of affordable and reliable energy supplies.

The company also aims to invest in renewable energy sources, planning to invest in up to 12 gigawatts of solar photovoltaic and wind projects by 2030, showcasing its commitment to sustainability amidst the evolving energy landscape.

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