Saudi Aramco Reports $106 Billion Profit for 2024, a 12% Decline Due to Lower Oil Prices

The oil giant's revenues and dividends fell as energy prices dropped, while OPEC+ announced plans to increase production starting in April.

Saudi Aramco posted a $106.25 billion profit in 2024, a 12% decrease from its $121 billion profit in 2023, attributed to declining global energy prices.
The company's 2024 revenues were $436 billion, reflecting the impact of lower oil prices, with Brent crude trading at $73 per barrel, down 10% this year.
Aramco announced a fourth-quarter dividend of $21.36 billion, including a significantly reduced performance-linked payout of $220 million, with total dividends for 2024 projected at $85.4 billion.
The company's stock price has fallen over the past year, trading at $7.33 per share, and its market value stands at $1.74 trillion, ranking it as the sixth most valuable company globally.
OPEC+ agreed to increase oil production starting in April, marking its first production hike since 2022, which could further pressure oil prices and impact Aramco's future earnings.