Aramco Announces Q3 2024 Results, Net Income Exceeds SAR103 Billion.

Riyadh: Aramco announced today its financial results for the third quarter of 2024, reporting strong results driven by solid operational performance, with a net income of SAR103.4 billion, compared to SAR122.2 billion in the third quarter of 2023, as announced today in a press release. According to Saudi Press Agency, Aramco said that cash flows from operating activities amounted to SAR132.1 billion, up from SAR117.6 billion in the third quarter of 2023, while free cash flow reached SAR82.5 billion, up from SAR76.3 billion in the same period last year. Debt stood at 1.9% by September 30, 2024, compared to -6.3% at the end of 2023. The release added that the company also announced base dividends of SAR76.1 billion and performance-linked dividends of SAR40.4 billion for the third quarter of 2024, to be distributed in the fourth quarter. Aramco noted that the third-quarter net income aligns with analysts' consensus, despite non-cash charges totaling some SAR3.3 billion. The company reported total capital exp enditures of SAR49.6 billion in the third quarter, to support long-term strategic growth. Also, Aramco issued SAR11.25 billion in international sukuk, which has bolstered its investor base and liquidity portfolio, the press release disclosed. Aramco has registered progress in exploration and production activities, enhancing production flexibility and expanding its gas portfolio. Its renewable energy program advanced with the financial closing of three photovoltaic solar projects, expected to deliver a combined capacity of 5.5 gigawatts. Aramco President and 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.' Nasser added that the recent $3 billion international sukuk issuance highlighted strong investor confidence in Aramco, and 'we c an be proud of the significant strides the company continues to make, all while sustaining our high levels of profitability, operational performance, and reliability.' He stressed: '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.'