Saudi Aramco's Q2 Earnings Analysis: Profit Declines Due to Market Conditions
Tuesday, 6 August 2024, 05:41
Saudi Aramco's Financial Performance in Q2
On Tuesday, oil giant Saudi Aramco reported a significant financial update for the second quarter.
Profit Decline Overview
The company faced a 3.4% decline in its second-quarter profit, primarily due to lower crude volumes and softer refining margins.
Key Financial Figures
- Net income of 109.01 billion riyals (approximately $29.03 billion)
- Exceeding analyst expectations of $27.7 billion
- Dividends declared at $31.1 billion, including $10.8 billion in performance-linked payouts
Conclusion
Despite the decrease in profits, Aramco continues to show strength by maintaining generous dividends, reflecting its commitment to shareholder value amidst a changing market environment.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.