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Saudi Aramco announced a net income of $27.3bn in the first quarter of 2024, a decline of about 14.5% compared to its profit of $31.9bn in the same period last year.

Cash flow from operating activities stood at $33.6bn, a year-on-year decrease of 15%, while free cash flow also fell 26% year-on-year to $22.8bn, the Saudi energy giant said.

Aramco’s gearing ratio was registered at -3.8% as of 31 March, compared to -6.3% at the end of 2023.

Separately, the state enterprise announced a base dividend of $20.3bn for the first quarter of 2024 and the fourth performance-linked dividend distribution of $10.8bn, to be paid in the second quarter.

Aramco expects to declare total dividends of $124.3bn in 2024, including a base dividend of $81.2bn and a performance-linked dividend of $43.1bn.

Looking ahead, Aramco expects its overall venture capital funding to more than double to $7.5bn, “expanding the company’s ability to finance disruptive new technologies in various sectors, including the digital and sustainability fields”.

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