DHAHRAN — Saudi Aramco announced on Tuesday its financial results for the third quarter of 2024, reporting strong results driven by solid operational performance, with a net income of SR103.4 billion, compared to SR122.2 billion in the third quarter of 2023. The world's oil giant saw its third-quarter earnings fall by 15.5 percent, posting its biggest annual decline in four quarters, as oil prices fell 11 percent, along with a drop in refined products and chemicals prices Aramco said in a press release that cash flows from operating activities amounted to SR132.1 billion, up from SR117.6 billion in the third quarter of 2023, while free cash flow reached SR82.5 billion, up from SR76.3 billion in the same period last year. Debt stood at 1.9 percent by September 30, 2024, compared to -6.3 percent at the end of 2023. The release added that the company also announced base dividends of SR76.1 billion and performance-linked dividends of SR40.4 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 SR3.3 billion. The company reported total capital expenditures of SR49.6 billion in the third quarter, to support long-term strategic growth. Also, Aramco issued SR11.25 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 can be proud of the significant strides the company continues to make, all while sustaining our high levels of profitability, operational performance, and reliability". "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," he added.
