BAKU, Azerbaijan, November 7. Saudi Aramco reported a decrease in net income for the third quarter of 2024, citing market-driven challenges impacting the price and demand for hydrocarbons, Trend reports.
The company posted a net income of $27.56 billion for 3Q2024, down from $34.58 billion in the same quarter of 2023.
Aramco’s income before income taxes and zakat stood at $52.03 billion for the reporting period, an 18.1% decline from $63.56 billion in the third quarter of last year. The decrease was largely influenced by fluctuations in oil prices and a weakening of refining margins, as well as the reduced volume of crude oil production.
The company paid dividends worth SAR 76.1 billion (approximately $20.3 billion) in the third quarter, along with a fifth performance-linked dividend of SAR 40.4 billion ($10.8 billion). These dividend distributions underscore Aramco’s commitment to providing value to its shareholders despite the challenging environment.
Another significant development this quarter was Aramco’s increased ownership stake in Petro Rabigh. This strategic decision aligns with Aramco’s goal to strengthen its downstream capacity, providing greater stability amid volatile upstream conditions.
Income taxes and zakat for 3Q2024 were $24.47 billion, a decrease of 21% from $30.98 billion over the same period last year.
The issuance of a $6 billion tranche of USD-denominated senior unsecured notes in July, part of Aramco’s Global Medium Term Note Programme, further bolstered its capital structure. The new funding is expected to support Aramco’s expansion goals, particularly in downstream operations and global diversification.