Aramco delivers strong performance, continues to seek new opportunities: CEO

Amin Nasser, President and CEO of Saudi Aramco

Saudi Aramco’s President and CEO Amin Nasser said the company delivered market-leading performance, with strong earnings and cash flows in the first half of 2024.

Leveraging these strong earnings, the company continued to deliver a base dividend that is sustainable and progressive, and a performance-linked dividend that shares the upside with shareholders, he added.

In a statement received by Argaam, Nasser said that Aramco continued to create and deliver both value and growth, as demonstrated by the positive investor response to the government’s secondary public share offering and the recent $6 billion bond issuance.

“Our drive to create value is supported by our distinctive long-term competitive advantages, our exceptional financial resilience through cycles, and our strong balance sheet,” he added.

Building on these strengths, Aramco made significant progress in key strategic areas during the second quarter - from advancing its gas program, expanding new energies portfolio, to partnering with leading car manufacturers on lower-emission vehicle technologies and growing its global retail network.

“We continue to seek new opportunities to enhance our portfolio and our capabilities to enable a secure and more sustainable energy future,” Naseer stated.

According to data available on Argaam, the oil giant reported a 7% decline in H1 2024 net profit to SAR 209.5 billion after minority interest, compared to SAR 226.4 billion in the year-earlier period. Q2 2024 net earnings decreased to SAR 106.2 billion.