Saudi Oil Giant Aramco Reports Profit Decline and Dividend Cut
Source: cnbc.com Decline in Net Profit and Revenue Aramco Reports a drop in net profit for the full year of 2024, attributing the decline to lower global crude prices and slowing demand. The company recorded a net profit of $106.2 billion, down from $121.3 billion in 2023. Revenue also saw a slight decrease, falling to $436.6 billion in 2024 compared to $440.8 billion the previous year. The decline in earnings reflects a broader trend in the oil industry, where an increase in global crude production and weaker demand have weighed on prices. Aramco’s realized oil price dropped from $83.6 per barrel in 2023 to $80.2 per barrel in 2024. Despite this, the company maintained its position as one of the most profitable firms globally, though financial pressures remain amid a changing energy market. Dividend Reduction and Impact on Saudi Finances Aramco Reports a sharp reduction in its total dividend payout for 2025, estimating it at $85.4 billion—significantly lower than the $124.2...