Saudi Aramco 2024 net income down by $15bn

Saudi Aramco Tuesday March 04, 2025 announced its 2024 financial results that showed a decline in the company’s net profit as compared to 2023

Riyadh: Saudi Aramco Tuesday March 04, 2025 announced its 2024 financial results that showed a decline in the company’s net profit as compared to 2023.

The Saudi oil giant however posted a 4.2% increase in the quarterly base dividend in 2024, according to Saudi Press Agency (SPA).

Aramco Financial Statements

Aramco net income reached $106.2 billion in 2024, compared to $121.3 billion in 2023, the financial results showed.

Cash flow from operating activities amounted to $135.7 billion compared to $143.4 billion in 2023. Free cash flow was $85.3 billion, compared to $101.2 billion in 2023, according to the results.

Moreover, the gearing ratio reached 4.5% as of December 31, 2024, compared to -6.3% at the end of 2023.

Aramco stated that the Q4 2024 net income was in line with analyst consensus, despite certain other non-cash charges of around $1.7 billion.

Aramco Base Dividend

The world’s leading petroleum company also added that the board declared a base dividend of $21.1 billion for Q4, a 4.2% YoY increase, to be paid in Q1 2025, reflecting its focus on delivering a sustainable and progressive dividend.

The company also highlighted in the report that a performance-linked dividend of $0.2 billion was declared and to be paid in Q1 2025, in line with the previously announced mechanism.

Aramco expects total dividends of $85.4 billion to be declared in 2025, emphasizing the capital investment of $53.3 billion in 2024, including $50.4 billion organic capital expenditure.

Additionally, 2025 capital investment guidance ranges from $52.0 billion to $58.0 billion, excluding around $4.0 billion of project financing.

The report showed progress on track to deliver growth strategy across Upstream and Downstream, with potential additional operating cash flows of $9.0 billion to $10.0 billion from growth in Aramco’s Upstream gas business and $8.0 billion to $10.0 billion from growth in its Downstream business by 2030.

Additionally, it stated that the company’s spare capacity provides flexibility to help meet potential oil demand growth. If called upon, utilizing one million barrels per day of existing spare capacity could generate an additional $12.0 billion in operating cash flow, based on the 2024 average price.

Saudi Aramco or Saudi Arabian Oil Company was founded on May 29, 1933 – around five years before discovery of oil in the Kingdom on March 3, 1938.

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