Aramco announced today, Tuesday, its results for the second quarter and the first half of the current year 2024. The company achieved strong performance and positive progress in its long-term growth strategy.
Aramco reported a net income of 109.0 billion riyals in the second quarter and 211.3 billion riyals in the first half of the year. Additionally, cash flows from operating activities amounted to 116.6 billion riyals in the second quarter and 242.6 billion riyals in the first half of the year.
Free cash flows reached 71.1 billion riyals in the second quarter and 156.4 billion riyals in the first half of the year. Moreover, the debt ratio was 0.5% as of June 30, 2024, compared to 6.3% on December 31, 2023.
The company announced basic dividends for the second quarter of 2024 amounting to 76.1 billion riyals, and performance-linked dividends worth 40.4 billion riyals, which will be paid in the third quarter. They also expect to announce leading dividends totaling 465.9 billion riyals for the year 2024.
The secondary public offering of Saudi Aramco shares and the issuance of bonds worth 22.5 billion riyals received strong demand from investors worldwide.
Gas Sector
The company confirmed its commitment to strategic expansion in the gas sector by announcing the awarding of contracts worth over 93.8 billion riyals. The goal is to increase sales gas production by more than 60% by 2030 compared to 2021 levels.
The company agreed to acquire a 10% stake in Horse Powertrain Limited, a global motion control solutions company established by Renault Group and Geely. Additionally, the company expanded globally in retail by acquiring a 40% stake in Gas and Oil Pakistan Limited. It also signed an agreement with Pascal to use the first quantum computer in the Kingdom.
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