Aramco reports $27.3 billion net income in Q1 2024 – Saudi Gazette

Aramco reports $27.3 billion net income in Q1 2024 – Saudi Gazette

DHAHRAN — The net income for the first quarter of 2024 for Saudi Aramco, the world's leading energy company, was $27.3 billion, compared to $31.9 billion in the same period last year.The company also reported robust cash flow from operating activities, totaling $33.6 billion, and free cash flow amounting to $22.8 billion. Aramco's gearing ratio stood at -3.8% as of March 31, 2024, compared to -6.3% at the end of 2023.The company declared a base dividend of $20.3 billion for the first quarter, along with a fourth performance-linked dividend distribution of $10.8 billion, to be paid in the second quarter.Aramco expects total dividends of $124.3 billion to be declared in 2024, including a base dividend of $81.2 billion and a performance-linked dividend of $43.1 billion.Among the key developments in the quarter, Aramco awarded $7.7 billion in engineering, procurement, and construction contracts for the expansion of its Fadhili Gas Plant, which is expected to add 1.5 billion standard cubic feet per day (bscfd) of processing capacity. The company also announced the addition of 15 trillion standard cubic feet (tscf) to proven gas reserves and two billion stock tank barrels at the Jafurah unconventional field.Additionally, Aramco completed its acquisition of a 100%