Saudi Aramco boosts dividends despite profit fall – By BBC News Staff (BBC News) / March 10, 2024
Saudi Aramco has reported a steep decline in profits, after the energy giant cut production and oil prices fell sharply in 2023.
Its profits fell 25% to $121bn (£91bn) profits after a record-smashing year in 2022.
But the figure is still the second-highest profit ever for the state-backed company.
The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.
Dividends will increase to $98bn, a rise of almost a third compared to 2022, when it banked a record $161bn in profit, thanks to the impact Russia’s war in Ukraine was having on energy prices. Oil prices hit $130 a barrel in 2022.
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