Saudi Aramco pays out $29.4bn dividend despite drop in profits

News Image

MG News | August 07, 2023 at 12:36 PM GMT+05:00

0:00

August 07, 2023 (MLN): Saudi Aramco, the world’s biggest oil exporter, is raising its payout to shareholders by more than half as it announced a performance-linked dividend despite a drop in quarterly profit, Bloomberg reported.

The total payout will be $29.4 billion, including the performance-linked portion, up from a regular dividend of $18.8bn a year ago, according to a statement from the company.

Operating income dropped to 213bn riyals ($57 million) from 324bn riyals a year earlier, the company said in a statement.

Aramco followed other international oil producers in boosting payouts to shareholders even as profits declined.

Oil majors have seen profits drop as crude prices retreated from last year’s highs when commodity markets were roiled by Russia’s invasion of Ukraine.

As leader of the OPEC+ producers group along with Russia, the Saudis have pushed the cartel to extend output cuts for the rest of the year.

Aramco has been pumping the least crude since the depths of the Coronavirus pandemic after the kingdom began implementing an additional, unilateral reduction of 1m barrels a day last month.

Oil rose after the Saudis announced last week that they’ll extend that cut into September and could even deepen it if needed.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg