Saudi Aramco’s quarterly profit fell by 38% – Kommersant

Saudi Aramco reported a net profit in the second quarter of $30.1 billion (.pdf). This is 38% lower than last year’s figure – $48.4 billion. According to the results of the same half-year, the drop in profits turned out to be more modest – from $87.9 to $62 billion, that is, by 29.5%.

Reporting Saudi Aramco reflects the general trend in the oil market. If last year oil companies reported record profits due to a jump in commodity prices amid the military conflict in Ukraine, now, after the price correction in the commodity market, companies one after another report a significant drop in profits.

Despite the decline in profits, Saudi Aramco has not refused to pay dividends. Following the $19.5 billion base dividend paid in the second quarter, the company intends to pay the same base dividend in the third quarter, as well as start paying dividends linked to the company’s financial performance. The latter will be distributed over the next six quarters, and in the third quarter of 2023, Saudi Aramco will pay $9.9 billion in such dividends.

Kirill Sarkhanyants