Saudi Arabia’s Aramco hikes dividend 30% to $98 bn despite drop in profit

Saudi Arabia’s state-owned oil giant Aramco boosted its dividend despite net profit falling 24.7% to $121.3 billion in 2023 on lower oil prices and volumes, showing the state’s continued reliance on oil revenue as it seeks to diversify.

The profit, down from $161.1 billion in 2022, was still the company’s second-highest on record, Aramco said on Sunday as it reported total dividends for the year of $97.8 billion, up 30%.

Oil revenues made up 62% of total state revenues last year. The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the oil giant’s generous payouts, which also include royalties and taxes.