Saudi Aramco Reports $106 Billion Profit for 2024, Marking a 12% Decline

Lower energy prices and reduced production volumes impact Saudi Arabia's state oil giant, prompting a significant cut to dividends.

Aramco's 2024 profit dropped to $106.25 billion, a 12% decrease from $121 billion in 2023, driven by lower crude oil prices and reduced sales volumes.
The company's annual dividend for 2025 is projected at $85.4 billion, a sharp decline from $124.3 billion the previous year, with fourth-quarter dividends significantly reduced.
OPEC+ has announced plans to increase oil production starting in April 2025, which is expected to further pressure oil prices.
Aramco's declining revenues challenge Saudi Arabia's Vision 2030 economic reform agenda, which relies heavily on oil income to fund ambitious projects like NEOM and the 2034 FIFA World Cup infrastructure.
Despite the profit drop, Aramco remains one of the world's most valuable companies, with a market capitalization of $1.74 trillion, ranking sixth globally.