Aramco reported a profit of $106.25 billion in 2024, down 12% from last year due to lower oil prices. Its revenues decreased slightly to $436 billion, while the company anticipates a dividend payout of $85.4 billion for the year. The ongoing geopolitical climate and OPEC+ production increases may further affect Aramco’s financial outlook.
Saudi oil giant Aramco declared a profit of $106.25 billion for the year 2024, marking a 12% decline from the previous year, primarily due to lower energy prices impacting the nation’s substantial development objectives. Crown Prince Mohammed bin Salman is advancing his major NEOM project and preparing for Saudi Arabia’s responsibilities related to the upcoming 2034 FIFA World Cup, requiring considerable financial investment.
In summary, Aramco’s reported profit decline reflects the broader impact of reduced energy prices on the Saudi economy, which faces ambitious development plans under Crown Prince Mohammed bin Salman. As OPEC+ adjusts production levels, the kingdom may need to incur additional debt to support its expansive objectives. The overall financial health of Aramco remains pivotal for Saudi Arabia’s economic trajectory.
Original Source: apnews.com
