Aramco Announces Financial Results for 2024

Aleqtsad. Riyadh

Saudi Aramco today announced its 2024 financial results, with a 4.2% increase in the quarterly base dividend.
According to the results, the net income reached $106.2 billion in 2024, compared to $121.3 billion in 2023. Cash flow from operating activities amounted to $135.7 billion compared to $143.4 billion in 2023. Free cash flow was $85.3 billion, compared to $101.2 billion in 2023.
Moreover, the gearing ratio reached 4.5% as of December 31, 2024, compared to -6.3% at the end of 2023.
Aramco stated that the Q4 2024 net income was in line with analyst consensus, despite certain other non-cash charges of around $1.7 billion. It also added that the board declared a base dividend of $21.1 billion for Q4, a 4.2% YoY increase, to be paid in Q1 2025, reflecting Aramco’s focus on delivering a sustainable and progressive dividend.
The company also highlighted in the report that a performance-linked dividend of $0.2 billion was declared and to be paid in Q1 2025, in line with the previously announced mechanism. Aramco expects total dividends of $85.4 billion to be declared in 2025, emphasizing the capital investment of $53.3 billion in 2024, including $50.4 billion organic capital expenditure.
Additionally, 2025 capital investment guidance ranges from $52.0 billion to $58.0 billion, excluding around $4.0 billion of project financing.
The report showed progress on track to deliver growth strategy across Upstream and Downstream, with potential additional operating cash flows of $9.0 billion to $10.0 billion from growth in Aramco’s Upstream gas business and $8.0 billion to $10.0 billion from growth in its Downstream business by 2030.
Additionally, it stated that the company’s spare capacity provides flexibility to help meet potential oil demand growth. If called upon, utilizing one million barrels per day of existing spare capacity could generate an additional $12.0 billion in operating cash flow, based on the 2024 average price.
Commenting on the results, Aramco President & CEO Amin H. Nasser said, “Our strong net income and increased base dividend illustrate Aramco’s exceptional resilience and ability to leverage its unique scale, low cost, and high levels of reliability to deliver industry-leading performance for our shareholders and customers.
Global oil demand reached new highs in 2024, and we expect further growth in 2025. With dependable and more sustainable energy key to global economic growth, we continue to make progress on projects to maintain our maximum sustainable crude oil capacity, expand our gas capabilities, achieve further integration of our Upstream and Downstream businesses to capture additional value, and help mitigate gas emissions.”
He further highlighted that Aramco is adopting and deploying AI technologies and solutions at scale across its operations, unlocking greater efficiencies and value creation throughout its business. “Capital discipline is at the core of Aramco’s strategy, enabling the company to deliver growth and capture value across conventional and new energy solutions,” the report stated