Aramco: Announces Third Quarter 2024 Results

  • Net income: $27.6 billion (Q3 2023: $32.6 billion)
  • Cash flow from operating activities: $35.2 billion (Q3 2023: $31.4 billion)
  • Free cash flow1: $22.0 billion (Q3 2023: $20.3 billion)
  • Gearing ratio: 1.9% as of September 30, 2024, compared to -6.3% at the end of 2023
  • Q3 2024 base dividend of $20.3 billion and performance-linked dividend of $10.8 billion declared for distribution in the fourth quarter
  • Q3 2024 net income in line with analyst consensus, despite certain non-cash charges of c.$0.9 billion
  • Capital expenditures totalling $13.2 billion in Q3 support long-term strategic growth
  • Strong demand for $3.0 billion international Sukuk issuance, which further diversifies the investor base and enhances the liquidity profile
  • Upstream developments enhance production flexibility and progress gas expansion
  • The Renewables program progresses with the financial close for three solar PV projects, with an anticipated combined capacity of 5.5 GW2
Commenting on the results, Aramco President & CEO Amin H. Nasser said: 
“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment. We also progressed our upstream developments, strengthened our downstream value chain, and advanced our new energies program as we continue to invest through cycles.
“Our recent $3.0 billion international Sukuk issuance highlighted strong investor confidence in Aramco and we can be proud of the significant strides the Company continues to make, all while sustaining our high levels of profitability, operational performance and reliability.
“As we focus on strategic growth opportunities and capturing value through integration and diversification, we intend to maintain our positive momentum and cement our position as a leading global energy and petrochemicals player.”
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Aramco
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