Saudi Aramco reports $27.27 billion profit in Q1

Saudi Aramco, the world's largest oil company, has reported a net profit of $27.27 billion in the first quarter of this year, marking a 2.04 percent increase from the previous quarter. The company's total revenue for the first three months amounted to $107.21 billion, with an operating income of $58.88 billion.

Despite a 14.44 percent decline in net profit compared to the same period last year, Aramco declared a base dividend of $20.3 billion for the first quarter and expects a performance-linked dividend of $10.8 billion in the second quarter. The company projects total dividends of $124.3 billion for 2024, comprising a base dividend of $81.2 billion and a performance-linked dividend of $43.1 billion.

During the first quarter, Aramco made significant advancements in its gas business, including the discovery of additional gas reserves in the Jafurah Field and the expansion of the Fadhili Gas Plant. In 2023, Aramco acquired Chilean retailer Esmax to strengthen its downstream expansion efforts.

With a focus on contributing to the global energy transition, Aramco aims to provide affordable, reliable, and flexible energy supplies. The company remains committed to meeting the world's growing energy needs, with oil and gas continuing to play a crucial role in the global energy mix.

In the first quarter of this year, Aramco's total hydrocarbon production reached 12.4 million barrels of oil equivalent. Additionally, the company announced plans to invest in up to 12 gigawatts of solar photovoltaic and wind projects by 2030, highlighting its dedication to sustainability. The Sudair Solar PV Plant, a joint venture project, achieved full-capacity operation in January with a capacity of 1.5 GW.