BAKU, Azerbaijan, November 7. Saudi Aramco released its financial performance for the first nine months of 2024, revealing a net income of $83.95 billion, a decline of 11.3% compared to $94.54 billion over the same period in 2023, Trend reports.
The oil giant’s income before income taxes and zakat for the nine months ending September 2024 was $162.59 billion, representing an 11.1% decrease from $182.67 billion in the same period last year. This decline is primarily attributed to a lower average realized crude price, the ongoing decrease in global demand for hydrocarbons, and inflationary pressures impacting costs.
During the period, Aramco’s income taxes and zakat totaled $78.69 billion, down 10.7% from $88.13 billion in the first nine months of 2023. The decrease is consistent with Aramco’s reduced earnings before tax, given the challenging market conditions.
The company’s third-quarter financial results were also affected by its shareholding realignments. In a significant move, Aramco signed a non-binding agreement to sell its 20.62% stake in SABIC’s subsidiary, JALAB to Ma’aden. The deal, estimated to bring SAR 3.6 billion ($0.96 billion) in proceeds, is expected to be finalized after regulatory approvals and is aimed at optimizing Aramco’s portfolio.
Despite the earnings decline, Aramco has continued to distribute dividends to its shareholders. In the third quarter alone, dividends distributed totaled SAR 116.5 billion ($31.1 billion).