Saudi Aramco upholds dividend despite drop in first-quarter profits

Aramco, which is the world's largest oil exporter, expects total dividends of $124.3 billion to be declared in 2024, it said.

Net income for the three months up to March 31 came in at $27.3 billion, down from $31.9 billion for the same period last year, the company reported.

Aramco, which is the world's largest oil exporter, expects total dividends of $124.3 billion to be declared in 2024, it said.Saudi Aramco's first-quarter net profit fell 14% year-on-year amid lower oil prices and production. Still, the Saudi state oil giant will be delivering a total $31 billion dividend to the Saudi government and other shareholders, comprised of a $20.3 billion base dividend and a "fourth performance-linked dividend distribution of $10.8 billion" which will be paid in the second quarter, the company's earnings statement said.

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