“Oil giant Saudi Aramco posts 38% drop in second-quarter profit as lower prices bite”
August 7, 2023
“Saudi state oil giant Aramco reported 112.81 billion riyal ($30.07 billion) in net profit in the second quarter, a drop of nearly 40% from the same period of last year amid a decline in hydrocarbon prices.
Second-quarter profit nevertheless came slightly above analyst expectations near $29.8 billion in an Aramco-supplied poll…
The company is following its industry peers by boosting dividend payouts despite the sharp fall in profitability. The oil giant reaffirmed its first quarter base dividend of $19.5 billion, paid in the second quarter, and declared a second-quarter dividend of $19.5 billion, to be delivered in the third quarter…”