Higher oil prices offset lower output impact on Aramco’s Q3 profit: Exec

Ziad Al-Murshed, Executive Vice President & Chief Financial Officer at Saudi Aramco

Ziad Al-Murshed, Executive Vice President & Chief Financial Officer at Saudi Aramco, said higher global oil prices in the third quarter of 2023, compared to the previous quarter, offset the impact of lower output on the company’s profit in Q3 2023.

Aramco’s third-quarter profit was driven by strong demand due to global oil prices despite continued inflationary pressures and low inventories, Al-Murshed told Al-Arabiya TV.

The company’s free cash flows stood at SAR 76 billion in Q3 2023, he said, adding that refining margins are still solid, while chemicals margin are low.

Further, payouts increased by 57% year-on-year in the third quarter, including base and performance-linked dividends.

The world’s largest oil exporter announced a dividend payout of SAR 110.2 billion for Q3 2023. This included SAR 73.2 billion base dividend and SAR 37 billion performance-linked dividend, Argaam earlier reported.

Saudi Aramco posted a 26% fall in net profit, after minority interest, to SAR 349.89 billion in the first nine months of 2023, compared to SAR 471.88 billion a year earlier. The third-quarter bottom-line reached SAR 123.53 billion