Members of media chat earlier than the beginning of a press convention by Aramco on the Plaza Convention Heart in Dhahran, Saudi Arabia November 3, 2019.
Hamad I Mohammed | Reuters
Saudi Aramco’s first-quarter internet revenue fell 5% year-on-year amid decrease oil costs and manufacturing.
Web earnings for the three months to March 31 got here in at $26 billion, down from $27.3 billion for the similar interval final 12 months, the corporate reported. The determine was barely above analyst expectations of $25.3 billion.
Aramco introduced its free money circulation for the quarter at $19.2 billion, down from $22.8 billion within the first quarter of 2024, and money circulation from working actions at $31.7 billion in comparison with final 12 months’s $33.6 billion.
The figures sign persevering with pressure for the Saudi state oil big’s stability sheet as crude costs present no signal of recovering and world demand slows in keeping with pressures on commerce.
The corporate in March introduced it might be slashing its performance-linked dividend payout for the fourth quarter of 2024 to $200 million — down from $10.2 billion the earlier quarter — and repeated that $200 million determine for the first-quarter of this 12 months, to be paid within the second quarter.
Its first-quarter base dividend, nevertheless, elevated by 4.2% year-on-year to $21.1 billion.
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