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Aramco registers third-quarter profit at $27.6bn

5 November 2024

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Saudi Aramco has announced a net income of $27.6bn for the third quarter of 2024, down 15.33% compared to the same period last year, and about 5% below its profit in the previous quarter.

Despite a profit slide in the third quarter, Aramco declared a base dividend of $20.3bn and a performance-linked dividend of $10.8bn for the period, payable to its shareholders in the fourth quarter.

The Q3 figure takes the energy giant’s net income for the first nine months of 2024 to $83.9bn, representing a year-on-year decrease of 11.25%.

“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment,” Amin H Nasser, Aramco’s president and CEO, was quoted as saying.

“We also progressed our upstream developments, strengthened our downstream value chain and advanced our new energies programme as we continue to invest through cycles,” he commented.

ALSO READ: Contractors prepare bids for Aramco gas plant pipeline

Meanwhile, Aramco’s capital expenditure (capex) in the third quarter of 2024 increased to $13.2bn from $11.028bn in the same period last year and $12.13bn in the second quarter.

Capex in the first nine months of the year also increased to $36.18bn from $30.23bn in the same period last year.

Aramco’s total capital expenditure guidance for this year is in the range of $48bn to $58bn.

During a call with journalists in May, Nasser said that he expects his company to ramp up capex in the next two years as it seeks to maintain a stable oil production level, increase gas output and achieve a high liquids-to-chemicals conversion capacity by 2030.

“We have a very clear plan, and we anticipate [capex] growth through 2025 and 2026,” Nasser said in response to a question from MEED.

Meanwhile, Aramco’s cash flow from operating activities was registered at $35.2bn in the third quarter, compared to $31.4bn in the same period last year.

The company’s free cash flow in the third quarter and first nine months of the year were recorded at approximately $22bn and $63.7bn, respectively.

Aramco added that its gearing ratio stood at 1.9% as of the end of September, compared to -6.3% at the end of 2023.

ALSO READ: Aramco awards gas programme engineering contract

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Indrajit Sen

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