Aramco reports 3.4% dip in Q2 profit on lower crude volumes

Investing.comAug 6, 2024 6:44 AM

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Investing.com -- Energy giant Aramco (TADAWUL:2222) reported a 3.4% decline in its second-quarter net income on Tuesday on lower crude volumes.

The company reported a net income of 109.01 billion Saudi Riyals in the three months ended June 30, down from 112.8 billion a year earlier.

Despite the profit dip, Aramco declared a strong dividend of $31.1 billion, including a $10.8 billion performance-linked payout.

The company expects total dividends of $124.2 billion for 2024.

Beyond financial results, Aramco accelerated gas expansion plans, awarded contracts worth over $25 billion, and aims to boost gas production by 60% by 2030.

The company also expanded its global footprint with investments in Pakistan and advanced its technological capabilities through a partnership on quantum computing.

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