Aramco Announces Promising Results in Q1 2024

Saudi Aramco has published the first quarter 2024 results, marking the notable progress in its growth strategy, reported the Saudi Press Agency (SPA).

Aramco, the Saudi Arabian state-owned oil giant, has announced the earnings statement of the first quarter of 2024 indicating the net income, cash flow, and dividends.

Commenting on the results, Aramco President & CEO Amin Nasser said: “Our first-quarter performance reflects the resilience and strength of Aramco.”

The Earnings Statement

Aramco reported a first-quarter net income of SAR102.3 billion in the first quarter of 2024, compared to SAR119.5 billion in Q1 2023.

The cash flow from operating activities for Q1 2024 is SAR126.0 billion, down from SAR148.6 billion in Q1 2023.

Furthermore, the free cash flow decreased to SAR85.3 billion in Q1 2024, compared to SAR115.9 billion in Q1 2023.

The company announced that the gearing ratio grew to -3.8% by March 31, 2024, up from -6.3% at the end of 2023.

The statement anticipates total dividends of SAR466.1 billion to be declared in 2024, including base dividends of SAR304.4 billion and performance-linked dividends of SAR161.7 billion.

Aramco awarded SAR28.9 billion worth of engineering, procurement, and construction contracts for the Fadhili Gas Plant expansion.

The expansion project is anticipated to add 1.5 billion standard cubic feet per day (bscfd) of processing capacity.

Regarding the reserves, the company stated the addition of 15 trillion standard cubic feet (tscf) to proven gas reserves. Moreover, it added two billion stock tank barrels of oil at the Jafurah unconventional field.

Nasser stressed Aramco’s commitment to executing long-term strategy to expand their global gas business contributing to Saudi Vision 2030.

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