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‎Aramco cash dividends likely to rise to SAR 466B for 2024: Exec

May 8, 2024
in Business
‎Aramco cash dividends likely to rise to SAR 466B for 2024: Exec
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Aramco cash dividends likely to rise to SAR 466B for 2024: Exec

Ziad Al-Murshed, Executive Vice President and Chief Financial Officer of Saudi Arabian Oil Co. (Saudi Aramco), said the company continued to post strong results in the first quarter of 2024, as free cash flows reached SAR 85 billion.

He added that the difference in figures compared to the same period last year was due to changes in prices and production, Al Arabiya TV reported.

These results help the company implement its ambitious investment program and create higher returns for shareholders, Al-Murshed said. He indicated that the firm’s financial position is very strong and the investment credit rating is high, as its debt ratio reached -3.8%.

The oil giant announced today dividends estimated at approximately SAR 116.5 billion, leaping nearly 60% year-on-year (YoY). The dividends will likely reach SAR 466 billion in 2024, including base dividends and performance-related dividends, which are subject to the board of directors’ approval.

“Our capital investments increased and are proceeding excellently according to the expansion plan,” the top executive said. He added that crude oil projects are on the right track, with the first phase of the Dammam oil field likely to be operational this year. In addition, the production capacity of Marjan and Berri fields will increase in 2025, while that of the Zuluf field will rise in 2026.

Aramco added 15 trillion cubic feet to its gas reserves and two billion barrels of condensate, Al-Murshed said, noting that the company’s expansion projects continue in the Dammam, Marjan, Berri and Zuluf fields.

Furthermore, the company continues to develop the Jafurah field to expand gas production, Al-Murshed said, pointing out that the acquisition of MidOcean Energy Co. allows the company to expand in the liquefied gas sector.

Commenting on his expectations for oil demand, he said the global tourism sector is witnessing a state of recovery, which boost global demand for oil. In addition, the research houses expect the global oil demand to continue increasing in 2024 by nearly 1.7 million barrels per day (bpd).

“We have a strong confidence that the world will remain in need of various energy sources in the medium and long term, including oil and gas,” the top executive said. He added that Aramco is prepared to benefit from this opportunity as its production cost and carbon intensity are low and it has a surplus production capacity of around three million bpd, which enables the company to benefit from this increase.

Saudi Aramco reported a 12% drop in Q1 2024 net profit to SAR 103.4 billion, compared to SAR 117.5 billion in the year-earlier period, according to data available with Argaam.

The oil giant declared a base dividends of SAR 0.3145 a share, totaling SAR 76.10 billion in line with the company’s dividend policy. It also announced the payment of a performance-linked dividends of SAR 0.1670 a share, totaling SAR 40.41 billion, based on the combined full-year results of 2022 and 2023.

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Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1725479

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