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- Saudi Banks Ban WhatsApp for Customer Communication
- Doha Bank's $500 mn bond oversubscribed
- Qatar ports record surge in containers, cargoes, building materials in February
- Saudi Oil Giant Aramco Reports $106 Billion Profit in 2024
- PIF, Goldman Sachs Asset Management Sign MoU to Partner on Investment in Saudi Arabia, GCC
- MSX continues bearish trend as main index declines by 2.4% in February
- OPEC+ to proceed with planned April oil output hike
- Japan's Nikkei slumps as tariff concerns, yen strength unsettle market
- Trade wars erupt as Trump hits Canada, Mexico, China with steep tariffs
- Saudi Arabia leads GCC fixed income markets to hit $147.9bn in primary issuances: Markaz
04/03/2025 07:27 AST
Saudi Arabia's state-owned oil giant Aramco reported a $106.25 billion profit in 2024 on Tuesday, down 12% from the prior year on lower energy prices.
A filing on Riyadh's Tadawul stock exchange showed the oil company, formally known as the Saudi Arabian Oil Co., had revenues of $436 billion in 2024.
Aramco reported a $121 billion annual profit in 2023, down from its 2022 record due to lower energy prices as well.
"The decrease was primarily driven by lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income," Aramco said in its filing.
Stock in Aramco traded around $7.33 a share Tuesday, down from a high over the last year of $8.71. It has fallen over the past year as oil prices have dropped. Benchmark Brent crude is at $73 - down 10% this year.
Aramco has a market value of $1.74 trillion, making it the world's sixth-most valuable company behind Apple, Microsoft, NVIDIA, Amazon and Alphabet, which owns Google, The Associated Press reported.
Aramco will pay dividends of $21.36 billion for the fourth quarter, which includes a far-smaller performance dividend of $220 million. The company expects to pay dividends of $85.4 billion this year, which is far lower.
"Our strong net income and increased base dividend illustrate Aramco's exceptional resilience," Aramco CEO and President Amin H. Nasser said in a statement.
Asharq Al Awsat
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04/03/2025
Saudi Arabia's Public Investment Fund (PIF) and Goldman Sachs Asset Management announced on Monday the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor
Asharq Al Awsat
04/03/2025
Investment in Middle East and North Africa startups surged nearly fivefold in February, with funding reaching $494 million across 58 deals, according to Wamda's monthly report.
The sharp i
Arab News
03/03/2025
The Saudi Central Bank (SAMA) has prohibited the use of instant messaging apps like WhatsApp for customer communication, citing security concerns and deeming them unreliable channels.
This d
Asharq Al Awsat
03/03/2025
Hamad, Ruwais and Doha ports witnessed a significant growth in February 2025 after registering surge in handling higher container and building material volumes, RORO units, livestock and vessels comp
The Peninsula
03/03/2025
Saudi banks posted strong financial results in January, with aggregate profits rising 16 percent year on year to SR8.14 billion ($2.17 billion), according to newly released data.
Figures fr
Arab News
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