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Aramco reports $31.9bn net income for Q1

May 9, 2023 10:35 AM

Aramco has reported a first quarter 2023 net income of 31.9 billion compared with Q1 2022 net income of 39.5 billion. Q1 net income remains robust and the energy giant s growth strategy is on track as...

Aramco has reported a first quarter 2023 net income of $31.9 billion, compared with Q1 2022 net income of  $39.5 billion.
 
Q1 net income remains robust and the energy giant's growth strategy is on track as downstream expansion progresses, it said.
 
The company's cash flow from operating activities was $39.6 billion (Q1 2022: $38.2 billion).
 
Aramco paid Q4 2022 dividend of $19.5 billion in the first quarter, representing a 4% increase on the previous quarter. The Q1 2023 dividend of $19.5 billion will be paid in the second quarter of this year. The company has announced its intention to introduce a mechanism for performance-linked dividends, in addition to the base dividend.
 
Commenting on the results, Aramco President & CEO Amin H Nasser, said: “The results reflect Aramco’s continued high reliability, focus on cost and our ability to react to market conditions, as we generate strong cash flows and further strengthen the balance sheet. Reinforcing our commitment to maximize long-term shareholder value, we are also announcing our intention to introduce a mechanism for performance-linked dividends, in addition to the base dividend the Company currently distributes.
 
“Our growth strategy remains on track and we made significant progress on the strategic expansion of our Downstream business during the quarter, announcing a key acquisition in the US as well as important investments and partnerships in China and South Korea. Our global Downstream strategy is gaining momentum, and we are leveraging cutting-edge technologies to increase our liquids-to-chemicals capacity and meet anticipated demand for petrochemical products.
 
“We are also moving forward with our capacity expansion, and our long-term outlook remains unchanged as we believe oil and gas will remain critical components of the global energy mix for the foreseeable future. 
 
“Our intention is to continue to be a reliable energy supplier with the ability to provide more sustainable energy solutions, supporting efforts to achieve an orderly energy transition. By working to further reduce the carbon footprint of our operations, and adding new lower-carbon energy options to our portfolio, I am confident about the contributions we will make.” 
 
A statment said the company's extraordinary general assembly has approved bonus shares grant of one share for every 10 shares held.
 
Aramco also announced plans for major investments to advance strategic downstream expansion in key global markets. It said the recent agreement with Linde Engineering for the development of a new ammonia cracking technology supports the advancement of lower-carbon energy solutions.
 
The energy giant signed iktva agreements valued at around $7.2 billion, which are expected to further strengthen supply chain efficiency. - TradeArabia News Service
 
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