Markets Await Saudi Aramco Earnings And Dividend Announcement Tomorrow
Financial markets are awaiting the announcement of Saudi Aramco’s results and cash distributions to shareholders for last year’s profits tomorrow. According to the current number of shares in Aramco, the highest peak for Aramco’s share reached a price of 39.42 riyals. The company announced several free share distributions by granting shareholders shares for the purpose of raising capital, in addition to granting individual subscribers who owned shares and did not sell them free shares.
It is worth noting that Aramco will announce tomorrow how to change its annual cash distributions of $124 billion to shareholders, and analysts’ expectations revolve around Aramco recording net profits of 94.43 billion riyals during the fourth quarter of 2024. During the first nine months of the same year, the company’s profits declined to 307.14 billion riyals, compared to 349.89 billion riyals in the same period in 2023.
It is noteworthy that Aramco’s profits are distributed in two parts: the first is a basic payment of $20.3 billion quarterly, about 95% of which was disbursed in the first three quarters of 2024, and a performance-related part of $10.8 billion per quarter.
Starting this year, the company plans to start disbursing special distributions, based on the huge profits it achieved from the oil price boom after Russia’s invasion of Ukraine in February 2022 as part of free cash flows after covering basic profits and any investments.
It is noteworthy that last November, Saudi Aramco announced a 15.4% decline in its profits in the third quarter of 2024, to about 103.37 billion riyals, compared to about 122.19 billion riyals in the corresponding quarter of 2023. On a quarterly basis, Aramco’s net profits decreased by 5.17% in the third quarter of 2024, compared to a net profit of about 109.01 billion riyals in the second quarter of 2024.
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