(Bloomberg) -- Aramco maintained its quarterly dividend at $31 billion despite lower profit as the payout becomes increasingly crucial for Saudi Arabia’s...
-- Aramco maintained its quarterly dividend at $31 billion despite lower profit as the payout becomes increasingly crucial for Saudi Arabia ’s government in its multitrillion-dollar economic makeover plan.Africa’s Richest City Needs $12 Billion to Fix Infrastructure
Aramco’s net income fell 3.4% to $29.1 billion in the quarter compared with a year earlier, according to a statement Tuesday. That almost matched analysts estimates compiled by Bloomberg. Free cash flow — money from operations after capital expenditure — of $19 billion was lower than the dividend.Aramco sold its oil at higher prices in the quarter on average, but pressure on profit came from Saudi Arabia’s decision to curb crude output.
Still, the stock is down 17% this year, underperforming global oil majors such as Exxon Mobil Corp. and Shell Plc that have also kept their focus on returning cash to shareholders. It’s the worst performer this year in the 21-member index of global integrated oil companies compiled by Bloomberg Intelligence.
The controversial legislation was brought in by the Tory government in 2023 in response to a wave of industrial action across the UK.FORM 8.5 PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITYRule 8.5 of the Takeover Code 1.
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