Aramco has announced its second quarter and half-year 2024 financial results, showcasing robust performance and significant strategic advancements. The company reported a net income of $29.1 billion for Q2 and $56.3 billion for H1 2024. Cash flow from operating activities reached $31.1 billion in Q2 and $64.7 billion in H1, while free cash flow was $19.0 billion for Q2 and $41.7 billion for H1. Aramco’s gearing ratio stood at -0.5% as of June 30, 2024, an improvement from -6.3% at the end of 2023.
In Q2 2024, Aramco declared a base dividend of $20.3 billion and a performance-linked dividend distribution of $10.8 billion, to be paid in the third quarter. The company anticipates declaring total dividends of $124.2 billion for 2024, underscoring its industry-leading position.
Investor confidence in Aramco remains strong, as evidenced by the robust demand for its secondary public offering and a $6.0 billion bond offering. Aramco continues to advance its strategic goals, notably in the gas sector, with contract awards worth over $25.0 billion. This investment is aimed at boosting sales gas production by more than 60% by 2030, compared to 2021 levels.
Furthering its strategic acquisitions, Aramco agreed to acquire a 10% equity interest in HORSE Powertrain Limited, a global powertrain solutions company formed by Renault Group and Geely. Additionally, Aramco’s international retail expansion included the successful acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd.
In a move to bolster its technological capabilities, Aramco has entered into an agreement with Pasqal to install the first quantum computer in the Kingdom of Saudi Arabia, marking a significant step forward in the company’s innovation and technology agenda.
