Saudi Aramco CEO: The company achieved strong financial performance with strong profits and cash flows during H1, 2024

Engineer Amin Nasser, President and CEO of Saudi Aramco, said that the company achieved strong financial performance with strong profits and cash flows during the first half of the year, which in turn was reflected in the provision of sustainable and increasing basic dividends, in addition to performance-related dividends, which are growing with the increase in the number of our shareholders.

He added, “We also continued to create and achieve growth and value, as evidenced by the positive investor response to the government’s secondary public offering of Saudi Aramco shares, and the issuance of bonds worth $6 billion. Our pursuit of value creation is supported by many factors, including long-term competitive advantages, our exceptional flexibility during financial cycles, and our strong balance sheet.”

“Building on these strengths, we also made significant progress in key strategic areas during the second quarter, including advancing our gas strategy, expanding our new energy portfolio, partnering with leading automakers in low-emission vehicle technologies, and expanding our global retail network. At the same time, we continue to explore new opportunities to enhance our portfolio and capabilities to enable a more secure and sustainable energy future,” Al Nasser added. The company announced the financial results, which were as follows:

Net income: SAR 109.0 billion ($29.1 billion) (Q2) / SAR 211.3 billion ($56.3 billion) (H1)

Cash flows from operating activities: SAR 116.6 billion ($31.1 billion) (Q2) / SAR 242.6 billion ($64.7 billion) (H1)

Free cash flows 1: SAR 71.1 billion ($19.0 billion) (Q2) / SAR 156.4 billion ($41.7 billion) (H1)

Debt ratio 1: -0.5% as of June 30, 2024 compared to -6.3% as of December 31, 2023

Basic dividends for the second quarter of 2024 amounting to SAR 76.1 billion ($20.3 billion) $) and a performance-related dividend of SAR 40.4 billion (USD 10.8 billion) to be paid in the third quarter

The company expects to declare industry-leading dividends totaling SAR 465.9 billion (USD 124.2 billion)² in 2024

Saudi Aramco’s secondary public offering and SAR 22.5 billion (USD 6.0 billion) bond offering received strong investor demand worldwide

The company is moving forward with its strategic expansion in gas by announcing contracts worth over SAR 93.8 billion (USD 25.0 billion), targeting a more than 60% increase in sales gas production by 2030, compared to 2021 levels

The company agreed to acquire a 10% stake in Horse Powertrain Limited, a global powertrain solutions company established by the Renault Group and Geely

The company has achieved global expansion in retail through the acquisition Successful acquires 40% ownership stake in Pakistan Oil and Gas Company Limited

Signing an agreement with Pascal to use the Kingdom’s first quantum computer

Key financial results

* Additional information is converted at a fixed exchange rate of US$1.00 = SAR 3.75 for convenience only.

Non-IFRS Measure: For further details, please see the Non-IFRS Measures Conformity and Definitions section in Saudi Aramco’s Q2 2024 interim report.

Includes dividends already declared in Q1 2024, Q2 2024 and Q3 2024. The amounts and ex-dividend dates for the remaining dividends to be declared in 2024, and when they are declared, will be announced at the discretion of the Board of Directors after assessing the Company’s financial position and ability to fund its obligations, including capital growth plans, in accordance with the Company’s dividend policy.

Calculated on a rolling 12-month basis.