Saudi Arabia’s state-owned oil giant, Aramco, has made a bold move by increasing its dividend to $98 billion, defying a 24.7% profit decline to $121.3 billion in 2023. Despite lower oil prices and volumes, Aramco’s second-highest profit on record highlights the company’s resilience and commitment to rewarding shareholders. The dividend hike, up 30% from the previous year, comes as the kingdom continues its efforts to diversify its economy away from oil dependence through initiatives like Vision 2030. Chief Executive Amin Nasser remains optimistic about global oil demand and the company’s growth prospects, with capital investments expected to increase in the coming years.
Aramco Boosts Dividend by 30% to $98 Billion Despite 24.7% Drop in Profit