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Saudi Arabia: Aramco posts $32 billion profit in line with estimates

Saudi Aramco, the world’s largest oil-producing company, said first-quarter net profit softened on lower crude prices, although the results were in line with analyst expectations.

Net profit after zakat for the three-month period to the end of March fell to about $32 billion, from $39 billion in the same period a year earlier, the national oil company of Saudi Arabia said on Tuesday, in a regulatory filing to the Tadawul stock exchange, where its shares are traded. Aramco plans to pay a first quarter dividend of $19.5 billion in the second quarter.

On Tuesday, the company said it plans to introduce performance-linked dividends, in addition to the base dividend that it currently distributes.

Link: https://www.thenationalnews.com/business/energy/2023/05/09/aramco-posts-32-billion-profit-in-line-with-estimates/

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