Aramco hikes dividend 30pc to $98b despite drop in profit

DUBAI, March 10 (Reuters): Saudi Arabia's state-owned oil giant Aramco, opens new tab boosted its dividend despite net profit falling 24.7 per cent 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 per cent. Oil revenues made up 62 per cent of total state revenues last year.

The Saudi government, which directly holds about 82.2 per cent 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.