Saudi Aramco maintains $31bn dividend despite drop in first-quarter profit – The National

Saudi Aramco maintains $31bn dividend despite drop in first-quarter profit – The National

Saudi Aramco, the world's largest oil-producing company, expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting a lower profit in the first quarter on dwindling sales.Net profit for the three months to the end of March declined by 14.4 per cent annually to $27.3 billion, the company said on Tuesday in a filing to the Tadawul stock exchange, where its shares are traded.Revenue fell by about 4 per cent year on year to $107.2 billion, driven by “lower crude oil volume sold, partially offset by an increase in crude oil prices during the period”, the company said.Aramco plans to pay a base dividend of $20.3 billion for the first quarter, followed by a performance-linked dividend distribution of $10.8 billion in the second quarter.It expects $124.3 billion worth of dividends to be declared in 2024, including a base dividend of $81.2 billion and a performance-linked dividend of $43.1 billion.The Saudi government is the majority shareholder in Aramco, with a stake of 82.2 per cent, and relies heavily on the company’s payouts for the diversification of its economy.“Our first-quarter performance reflects the resilience and strength of Aramco,” the company's president and chief executive, Amin Nasser,