Saudi Aramco reported a 15.4% decline in Q3 earnings due to lower oil prices, but maintained its $31.1 billion dividend payout to support Saudi Arabia's Vision 2030.
Saudi Aramco , the world’s largest oil company by production and market value, reported on Tuesday a 15.4% annual decline in third-quarter earnings, due to lower oil prices and weaker refining margins , but maintained its $31.1 billion quarterly dividend, most of which goes to the Kingdom. Aramco, which is also the world’s top crude oil exporter, booked a net income of $27.564 billion for the third quarter, down from $32.583 billion for the same period last year.
Aramco continued its dividend policy to distribute huge payouts to its shareholders, the biggest of which is the Kingdom of Saudi Arabia via a direct stake of almost 81.5% and an indirect interest via the sovereign wealth fund, the Public Investment Fund PIF, which has 16% of Aramco. For the third quarter, the Saudi state oil giant declared a base dividend of $20.3 billion, plus the sixth distribution of performance-linked dividends of $10.
Oil Prices Earnings Dividend Saudi Arabia Vision 2030 Oil Dependence Refining Margins Investment Diversification
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