Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws    Fake-alcohol deaths highlight SE Asia's methanol problem    Netanyahu attacks ICC war crimes arrest warrants    KSrelief provided over $7bln to support children around the world    Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km    OMODA&JAECOO: Unstoppable global cumulative sales over 360,000 units    Saudi Arabia sees 73.7% rise in investment licenses in Q3 2024    9 erring body care centers shut in Riyadh    20,000 military emblems confiscated in Riyadh    Al-Samaani visits headquarters of Hague Conference on Private International Law    Al Hilal doesn't need extra support to bring new players, CEO says    Fate of Gaetz ethics report uncertain after congressional panel deadlocked    Indian billionaire Gautam Adani indicted in New York on fraud charges    Rafael Nadal: Farewell to the 'King of Clay'    Indonesia shocks Saudi Arabia with 2-0 victory in AFC Asian Qualifiers    Sitting too much linked to heart disease –– even if you work out    Yemeni Orchestra's captivating performances in Riyadh, showcasing shared cultural legacies    Future of Ronaldo's Al Nassr contract remains undecided, says Saudi Pro League CEO    GASTAT report: 45.1% of Saudis are overweight    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi Aramco reports $121.3 billion net income for 2023, announces capital investment plans
Published in The Saudi Gazette on 10 - 03 - 2024

DHAHRAN — Saudi Aramco announced its full-year financial results for 2023, reporting a robust net income of $121.3 billion, marking its second-highest net income to date.
Amin Nasser, President & CEO of Aramco, highlighted the company's resilience and agility, which have driven substantial cash flows and profitability despite economic challenges. Aramco's focus remains on creating shareholder value, demonstrated by a 30% increase in dividends paid in 2023.
The company's strategic initiatives and increased capital expenditures reflect its commitment to maximizing value from operations and preparing for a diversified energy future. Aramco plans to maintain its Maximum Sustainable Capacity at 12 million barrels per day, with an emphasis on expanding gas production and its liquids-to-chemicals business. Additionally, Aramco is progressing in strategic crude oil increments to enhance reliability and market responsiveness.
Aramco's venture into international LNG investments, growth in international retail operations, and advancements in overseas refining and chemical projects underscore its adaptability and strategic direction towards new energy solutions and market opportunities.
Financially, the decrease in net income compared to 2022's $161.1 billion can be attributed to lower crude oil prices and volumes, alongside reduced refining and chemicals margins, mitigated by lower production royalties and taxes. The company's free cash flow stood at $101.2 billion, with a gearing ratio of -6.3% by the end of 2023.
Aramco has committed to significant dividend payments totaling $97.8 billion in 2023, a 30% increase from the previous year. The company has also outlined its capital investment plans for 2024, projecting between $48 to $58 billion, adjusting for the directive to maintain Maximum Sustainable Capacity. These investments are pivotal for Aramco's strategic objectives, including enhancing global energy supply reliability and pursuing sustainable energy initiatives.


Clic here to read the story from its source.