{"id":9707,"date":"2023-08-07T11:04:24","date_gmt":"2023-08-07T11:04:24","guid":{"rendered":"https:\/\/isafespend.com\/investing\/aramco-q2-profit-drops-38-to-30-1-billion-boosts-dividend\/"},"modified":"2023-08-07T11:04:25","modified_gmt":"2023-08-07T11:04:25","slug":"aramco-q2-profit-drops-38-to-30-1-billion-boosts-dividend","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9707","title":{"rendered":"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS\/Maxim Shemetov\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Maha El Dahan and Yousef Saba<\/p>\n

DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported a near 38% drop in second-quarter net profit on Monday amid weaker oil prices and thinner refining and chemicals margins, as it boosted its dividend with a new performance-linked payout.<\/p>\n

Aramco’s net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year earlier, beating a company-provided median estimate from 15 analysts of $29.8 billion.<\/p>\n

The group declared a base dividend of about $19.5 billion for the second quarter, roughly in line with its payout for the first quarter. <\/p>\n

Aramco will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter, it said.<\/p>\n

The Saudi state remains overwhelmingly Aramco’s biggest shareholder. The government directly holds 90.19%, the sovereign Public Investment Fund owns 4% and another 4% is held by PIF subsidiary Sanabil, according to Refinitiv data.<\/p>\n

Saudi Arabia has posted a budget deficit of 8.2 billion riyals in the first half of 2023, raising the possibility of a full-year deficit after it notched its first surplus in nearly a decade last year.<\/p>\n

Most oil majors reported strong or record-breaking earnings in the second quarter of 2022 after Western sanctions against major exporter Russia squeezed an already undersupplied global market, causing a surge in crude and prices.<\/p>\n

has dropped from $113 a barrel a year ago, hit by concerns over an economic slowdown and ample supplies. Moscow and Riyadh have been trying to prop up prices.<\/p>\n

Oil futures are now at their highest since mid-April after Saudi Arabia and Russia pledged last week to keep supplies down for another month to tighten global markets further. Brent was trading around $86 a barrel on Monday.<\/p>\n

OPEC+, which groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world’s crude. The group has been limiting supply since late last year to bolster the market.<\/p>\n

“At Aramco, our mid to long-term view remains unchanged. With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security,” CEO Amin Nasser said in a statement.<\/p>\n

The firm still sees capital expenditure at between $45 billion and $55 billion this year, Nasser said on a media call.<\/p>\n

He expected Chinese demand to continue growing and said its chemicals sector was growing at a substantial pace and that Aramco continued to eye potential acquisitions there.<\/p>\n

Aramco’s shares, which were up 2.2% at 0812 GMT on Monday, have risen about 12.7% this year to 32.9 riyals.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS\/Maxim Shemetov\/File Photo By Maha El Dahan and Yousef Saba DUBAI (Reuters) -Saudi Arabian state oil giant Aramco (TADAWUL:) reported a near 38% drop in second-quarter net profit on Monday amid weaker oil<\/p>\n","protected":false},"author":1,"featured_media":9708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-9707","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nAramco Q2 profit drops 38% to $30.1 billion, boosts dividend | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS\/Maxim Shemetov\/File\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=9707\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS\/Maxim Shemetov\/File\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=9707\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-07T11:04:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-07T11:04:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/LYNXMPED6Q1J3_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=9707#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=9707\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend\",\"datePublished\":\"2023-08-07T11:04:24+00:00\",\"dateModified\":\"2023-08-07T11:04:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=9707\"},\"wordCount\":465,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=9707#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=9707\",\"url\":\"https:\/\/isafespend.com\/?p=9707\",\"name\":\"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2023-08-07T11:04:24+00:00\",\"dateModified\":\"2023-08-07T11:04:25+00:00\",\"description\":\"\u00a9 Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS\/Maxim Shemetov\/File\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=9707#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=9707\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=9707#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend | iSafeSpend","description":"\u00a9 Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS\/Maxim Shemetov\/File","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=9707","og_locale":"en_US","og_type":"article","og_title":"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend | iSafeSpend","og_description":"\u00a9 Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS\/Maxim Shemetov\/File","og_url":"https:\/\/isafespend.com\/?p=9707","og_site_name":"iSafeSpend","article_published_time":"2023-08-07T11:04:24+00:00","article_modified_time":"2023-08-07T11:04:25+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/LYNXMPED6Q1J3_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=9707#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=9707"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend","datePublished":"2023-08-07T11:04:24+00:00","dateModified":"2023-08-07T11:04:25+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=9707"},"wordCount":465,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=9707#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=9707","url":"https:\/\/isafespend.com\/?p=9707","name":"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2023-08-07T11:04:24+00:00","dateModified":"2023-08-07T11:04:25+00:00","description":"\u00a9 Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS\/Maxim Shemetov\/File","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=9707#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=9707"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=9707#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Aramco Q2 profit drops 38% to $30.1 billion, boosts dividend"}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9707"}],"version-history":[{"count":1,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9707\/revisions"}],"predecessor-version":[{"id":9709,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/9707\/revisions\/9709"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/media\/9708"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}