Saudi Aramco Reports Record Profits of $106.25 Billion for 2024, Announces Increase in Dividend Payouts

In a significant economic announcement this week, Saudi Aramco, the global oil giant, reported net profits of $106.25 billion for the year 2024, reflecting strong growth in its financial performance. This announcement comes at a time when the company is witnessing a substantial increase in its revenues, further solidifying its position as one of the largest oil companies in the world.

The company also announced a significant increase in dividend payouts to its shareholders, with plans to distribute around $80 billion to investors. This move aims to boost confidence in both Saudi and global financial markets. The decision aligns with Aramco’s strategy of increasing shareholder value amid significant global market changes.

According to the financial data released by the company, the profit increase is primarily attributed to the rise in global oil prices, in addition to improved operational performance across all business sectors.

In a statement, Aramco’s CEO, Amin Nasser, said, “Aramco continues to deliver exceptional results, and we look forward to sustained growth in an economic environment characterized by both challenges and new opportunities.”

Nasser also added that Aramco is continuing to invest in sustainable environmental projects and renewable energy, paving the way for a new future that goes beyond reliance on oil.

Sources:

• Saudi Aramco – 2024 Annual Report.
• Bloomberg – Report on Aramco’s Financial Results for 2024.
• Reuters – Analysis on the impact of Aramco’s results on the Saudi and global markets.