Catenaa, Tuesday, March 04, 2025– Saudi’s state-owned oil giant Aramco profits for 2024 were down by 12% from a year, the company reported on Tuesday, due to low energy prices and higher operating costs.
A filing by the company on Riyadh’s Tadawul stock exchange said that the company reported $ 106.25 billion profit in 2024 with revenues of $436 billion.
Aramco reported a $121 billion annual profit in 2023, down from its 2022 record due to lower energy prices as well.
“The decrease was primarily driven by lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income,” Aramco said in its filing.
Stock in Aramco traded around $7.33 a share Tuesday, down from a high over the last year of $8.71.
“Global oil demand reached new highs in 2024, and we expect further growth in 2025. With dependable and more sustainable energy key to global economic growth, we continue to make progress on projects to maintain our maximum sustainable crude oil capacity, expand our gas capabilities, achieve further integration of our Upstream and Downstream businesses to capture additional value, and help mitigate greenhouse gas emissions,” Aramco President & CEO Amin H. Nasser said
Aramco board declared a base dividend of $ 21.1 billion for Q4, a 4.2% year on year increase, to be paid in Q1 2025, reflecting Aramco’s focus on delivering a sustainable and progressive dividend.
The company is progress on track to deliver growth strategy across Upstream and Downstream, with potential additional operating cash flows of $ 9 billion to $ 10 billion from growth in Aramco’s Upstream gas business, and $ 8 billion to $ 10 billion from growth in its Downstream business by 2030
Aramco has a market value of $ 1.74 trillion, making it the world’s sixth-most valuable company behind Apple, Microsoft, NVIDIA, Amazon and Alphabet, which owns Google.
