Aramco declares dividend of $18.8bn to be paid in Q2

Aramco declares dividend of $18.8bn to be paid in Q2

The Saudi Arabian Oil Company (Aramco) Tuesday announced its first quarter financial results; posting a 30% year-on-year increase in net income to $21.7bn; and declaring a dividend of $18.8bn to be paid in Q2.

The results got support of higher oil prices and an improved economic environment in the first three months of 2021.

Commenting on the results, Aramco President & CEO Amin H. Nasser, also said: “The momentum provided by the global economic recovery has strengthened energy markets, and Aramco’s operational flexibility; financial agility and the resilience of our employees have contributed to a strong first quarter performance.

“For our customers we remain a supplier of choice, and for our shareholders we continue to deliver an exceptional quarterly dividend.

“We made further progress towards our strategic objectives during the quarter and our portfolio optimization program continues to identify value creation opportunities; such as the recent announcement of our landmark $12.4bn pipeline infrastructure deal.

“We also expect Saudi Arabia’s newly-launched Shareek program to present growth opportunities, through incentives which encourage partnerships and investment.

“Given the positive signs for energy demand in 2021; there are more reasons to be optimistic that better days are coming. And while some headwinds still remain; we are ready to meet the world’s growing energy needs as economies start to recover.”