Aramco pays SAR 0.46/share inclusive of base, performance-linked dividends

Saudi Arabian Oil Co. (Saudi Aramco) announced the payment of cash dividends at SAR 110.18 billion ($29.38 billion) for Q2 2023, including base and performance-linked dividends, according to a Tadawul statement.

*Shares have no nominal value

** Number of shares entitled for distribution are 241.94 bln

The oil giant said this was the first performance-linked dividends based on the combined full-year results of 2022 and H1 2023.

In a separate statement, Aramco said the subsequent distributions are expected to be adjusted to reflect the remaining results for 2023.

The relevant details, including dividend amounts, eligibility, and distribution dates of any future performance-linked dividends will be announced when declared at the board’s sole discretion, after considering the company’s financial position and ability to fund commitments including growth capital plans, and in accordance with the company’s dividend distribution policy.

As for the full-year results of 2024 and onwards, the company intends to target any performance-linked dividends at 50-70% of the Saudi Aramco's annual free cash flow, net of the base dividend and other amounts including external investments, to be determined and announced with the full-year results of each year and distributed over the subsequent four quarters.