Aramco announces full-year cash dividend of $75 billion

Aramco announces full-year cash dividend of $75 billion

DAMMAM — The Saudi Arabian Oil Company (Saudi Aramco) announced Sunday the Board of Directors’ recommendation to the Extraordinary General Assembly to grant bonus shares to its shareholders via capitalizing $4 billion from the retained earnings. Each shareholder will be granted one bonus share for every ten shares. This comes following its full-year 2021 financial results, reporting that net income more than doubled year-on-year to $110.0 billion. Aramco declared a fourth quarter dividend of $18.8 billion, to be paid in the first quarter of 2022. Aramco’s net income increased by 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020. The increase in net income reflects higher crude oil prices, stronger refining and chemicals margins, and the consolidation of SABIC’s full-year results. Commenting on the results, Aramco President & CEO Amin H. Nasser, said: “Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy, which targets value growth for our shareholders. “Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors. But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more