Saudi giant Aramco reported a decline in net profit to $106.2 billion in 2024 as compared to $121.3 billion in 2023.Cash flow from operating activities also drops to $135.7 billion as compared to $143.4 billion in 2023.

The company said it expects total dividends for 2025 of $85.4 billion — a significant fall from 2024′s total of $124.2 billion.

Aramco expects 2025 capital investment guidance of $52.0 billion to $58.0 billion, excluding around $4.0 billion of project financing.

Commenting on the results, Aramco President & CEO Amin H. Nasser said: “Our strong net income and increased base dividend illustrate Aramco’s exceptional resilience and ability to leverage its unique scale, low cost, and high levels of reliability to deliver industry-leading performance for our shareholders and customers.

“Global oil demand reached new highs in 2024, and we expect further growth in 2025. With dependable and more sustainable energy key to global economic growth, we continue to make progress on projects to maintain our maximum sustainable crude oil capacity, expand our gas capabilities, achieve further integration of our Upstream and Downstream businesses to capture additional value, and help mitigate greenhouse gas emissions.

“We are also adopting and deploying AI technologies and solutions at scale across our operations, unlocking greater efficiencies and value creation throughout our business.  Capital discipline is at the core of Aramco’s strategy, enabling us to deliver growth and capture value across conventional and new energy solutions.”

Aramco’s revenue fell to $436.6 billion in 2024, compared to $440.8 billion the year before.