“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment.”

Aramco’s Pioneering Female Pilots Get Their Wings

Aramco has announced its Q3 results for 2024. Some of the highlights include:

  • Net income: $27.6 billion (Q3 2023: $32.6 billion)
  • Cash flow from operating activities: $35.2 billion (Q3 2023: $31.4 billion)
  • Free cash flow: $22.0 billion (Q3 2023: $20.3 billion)
  • Gearing ratio: 1.9% as at September 30, 2024, compared to -6.3% at end of 2023
  • Q3 2024 base dividend of $20.3 billion and performance-linked dividend of $10.8 billion declared for distribution in the fourth quarter
  • Q3 2024 net income in line with analyst consensus, despite certain non-cash charges of c.$0.9 billion
  • Capital expenditures totaling $13.2 billion in Q3 support long-term strategic growth
  • Strong demand for $3.0 billion international sukuk issuance, which further diversifies investor base and enhances liquidity profile
  • Upstream developments enhance production flexibility and progress gas expansion
  • Renewables program progresses with financial close for three solar PV projects, with anticipated combined capacity of 5.5 GW

Commenting on the results, Amin Nasser said, Aramco president and CEO 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.

“Our 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.”

Aramco’s Pioneering Female Pilots Get Their Wings

Aramco will discuss its Q3 2024 financial results in an audio webcast on Nov. 5, 2024, at 3:30 p.m. Riyadh / 12:30 p.m. London / 7:30 a.m. New York. The webcast will be available at www.aramco.com/investors.

For more information, please see the 2024 Saudi Aramco Third Quarter Interim Report.

— The Arabian Sun: November 05, 2024