Saudi Arabia's state-owned oil giant Aramco (2222.SE), opens new tab boosted its dividend despite net profit falling 24.7% to $121.3 billion in 2023 on lower oil prices and volumes, showing the state's continued reliance on oil revenue as it seeks to diversify.
The profit, down from $161.1 billion in 2022, was still the company's second-highest on record, Aramco said on Sunday as it reported total dividends for the year of $97.8 billion, up 30%. Oil revenues made up 62% of total state revenues last year.
The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the oil giant's generous payouts, which also include royalties and taxes. The world's top oil exporter is spending billions of dollars trying to diversify its economy and find alternative sources of wealth having relied on oil for decades.
"Our balance sheet remains strong, even after our significant growth programme and dividend payouts," Chief Executive Amin Nasser said.
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