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Headline : Saudi Aramco upholds dividend despite drop in first-quarter profits

Read more from the original article on here at www.cnbc.com.





Tags : #saudi #aramco #upholds #dividend #despite #drop #firstquarter #profits


No. of Paragraph 11

Saudi Aramco's first-quarter net profit fell 14% year-on-year amid lower oil prices and production.

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. The figure was in line with analyst expectations, according to Reuters.

Aramco announced its free cash flow for the quarter at $22.8 billion, down from $30.9 billion in the first quarter of 2023, and cash flow from operating activities at $33.6 billion compared to last year's $39.6 billion.

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.

Read more from the original article on here at www.cnbc.com.


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