Aramco said that its first quarter net profit dipped 14.5% on year to US$ 27.27 billion,  down from US$ 31.88 billion for the same period in 2023. Cash flow from operating activities was US$ 33.6 billion (Q1 2023: $39.6 billion)

Aramco expects total dividends of US$ 124.3 billion to be declared in 2024, including base dividend of US$ 81.2 billion and performance-linked dividend of US$ 43.1 billion.

Commenting on the results, Aramco President & CEO Amin H. Nasser said: “Our first-quarter performance reflects the resilience and strength of Aramco, reinforcing our position as a leading supplier of energy to economies, to industries and to people worldwide.

“We also continue to execute 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.”