Aramco accounts for 52.8% of the profits of the world’s top 5 oil companies

The energy giant Saudi Aramco accounted for 52.8% of the total profits of the world’s top five energy companies, with net income reaching $27.6 billion compared to $32.6 billion in the same quarter of 2023.

Engineer Amin Nasser, President and CEO of Saudi Aramco, said in his comment on the results of the third quarter of 2024, that Saudi Aramco achieved strong net income and free cash flows during the third quarter despite the decline in oil prices.

He added that Aramco has made progress in developing the exploration and production sector, and has worked to strengthen the value chain in the refining, chemicals and marketing sector, as well as developing their new energy sources program, while continuing to invest across cycles. Nasser indicated that their recent issuance of international sukuk worth $3.0 billion contributed to highlighting strong investor confidence in Saudi Aramco.

In contrast, ExxonMobil reported a third-quarter profit of $8.6 billion, while Shell reported a profit of $6 billion, Chevron reported a profit of $4.5 billion, Total reported a profit of $4.1 billion, and BP reported a profit of $1.4 billion.

On the other hand, Saudi Aramco announced the distribution of basic dividends to shareholders for the third quarter of 2024, in line with the company’s dividend distribution policy, which aims to distribute sustainable and increasing dividends.

In addition, Saudi Aramco announced the sixth distribution of performance-related dividends to shareholders based on the full annual results for 2022 and 2023. The total amount distributed amounted to 116.45 billion riyals ($31.05 billion), including basic dividends of 76.06 billion riyals ($20.28 billion) and performance-related dividends of 40.39 billion riyals ($10.77 billion).

The company said in a statement on “Tadawul” that the number of shares entitled to dividends is 241.8 billion shares, indicating that the share of one share of the total distributed amount is 0.4815 riyals per share, including basic dividends, with a share of 0.3145 riyals, and performance-related dividends, with a share of 0.1670 riyals. The entitlement will be on November 14, 2024, for shareholders who own shares on the due date and are registered in the shareholders’ register at the Securities Depository Center (Edaa) at the end of the second trading day following the due date, and the distribution will take place on November 26, 2024.