Aramco declares Q2 and Half-Year results of 2023

Dhahran, Aug. 7 (BNA): Aramco delivered strong profitability and cash flows during the second quarter and first half of the year 2023, attributed to its low-cost production and high supply reliability.

According to the Saudi Press Agency (SPA) the company’s net income in Q2 reached SAR112.8 billion, while it amounted to SAR 232.4 billion in the first half of 2023.

It highlighted that the cash flows from operating activities were SAR 126.1 billion in Q2 and SAR 274.7 billion in the first half. The free cash flows were SAR 86.8 billion in Q2 and SAR 202.7 billion in the first half.

The company mentioned that its gearing ratio decreased to -10.5% while continuing to strengthen its financial position.

Furthermore, sustainable and increasing profits were achieved, and basic dividends for the Q1 of 2023 amounted to SAR 73.2 billion, paid in Q2, representing a 4% annual increase. Dividends for Q2 of 2023, totalling SAR 73.2 billion, will be paid in Q3.

Aramco intends to distribute performance related dividends over six quarters starting from Q3 of 2023, with the first distribution being approximately SAR 37.0 billion in Q3 of 2023, based on the full-year results of 2022 and the first-half results of 2023.

The company also highlighted progress in its growth strategy in the refining, chemicals, and marketing sectors, including contracts for engineering, procurement, and construction in the Amiral Petrochemicals Complex worth SAR 41.3 billion. Low carbon ammonia shipments were sent to key markets to support the development of decarbonization options.

Eng. Amin H. Nasser, Aramco President & CEO, affirmed the continuation of the largest capital spending program in the company’s history, aiming to increase crude oil and gas production capacity and expand operations in the refining, chemicals, and marketing sectors through petrochemical projects. These projects include the expansion of the SATORP refinery with Total Energies a value of SAR 41.3 billion, which is essential to meet future demand.

I.B.