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

08/11/2023 Argaam
Ziad Al-Murshed, Executive Vice President Chief Financial Officer atSaudi Aramco

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

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.