Dhahran, The Saudi Arabian Oil Company (Aramco) today published its financial results for the first quarter of 2024, highlighting progress made in its growth strategy, an Aramco press release stated.
In the release, the company’s report shows a net income of SAR102.3 billion in the first quarter of 2024, compared to SAR119.5 billion in the same period of 2023. Cash flow from operating activities also decreased slightly, coming in at SAR126.0 billion compared to SAR148.6 billion during the same period last year. The free cash flow dipped to SAR85.3 billion from SAR115.9 billion in Q1 2023. The report also stated that the gearing ratio improved to -3.8% by March 31, 2024, compared to -6.3% at the end of 2023.
The company expects total dividends of SAR466.1 billion to be declared in 2024, including base dividends of SAR304.4 billion and performance-linked dividends of SAR161.7 billion.
The release also stated that SAR28.9 billion of engineering, procurement, and construction contracts were awarded for Fadhil
i Gas Plant expansion, which is expected to add 1.5 billion standard cubic feet per day (bscfd) in processing capacity.
Moreover, Aramco announced the addition of 15 trillion standard cubic feet (tscf) to proven gas reserves and two billion stock tank barrels of condensate at the Jafurah unconventional field.
According to the release, Aramco has completed its acquisition of a 100% equity stake in Chilean retailer Esmax, “supporting the company’s downstream expansion”. It said that this would increase the overall venture capital funding to more than double, to SAR28.1 billion, expanding the company’s ability to finance disruptive new technologies in a variety of sectors, including the digital and sustainability fields.
Aramco’s President and CEO Amin H. Nasser said that the performance in the first quarter demonstrates the company’s resilience. He emphasized Aramco’s position as a leading global energy supplier, catering to economies, industries, and people worldwide.
Nasser said: “We also continue to exec
ute our long-term strategy, and in the first quarter made significant progress on expanding our gas business and growing our globally integrated downstream value chain, while maintaining our focus on consistently delivering value for our shareholders.
“Looking ahead, I expect our portfolio to continue to evolve as we aim to contribute to an energy transition that offers solutions to climate challenges, but at the same time recognizes the need for affordable, reliable, and flexible energy supplies.”
Source: Saudi Press Agency