Saudi Aramco Announces Significant Increase in Dividends
Riyadh, The Gulf Observer: Saudi Aramco’s Chief Financial Officer, Ziad Al-Murshed, declared a substantial increase in dividends for the forthcoming fiscal year. The disclosure comes as the global oil giant prepares to unveil its financial results for 2023 on March 11, following a remarkable performance in 2022.
Saudi Aramco achieved a record net income of SR604.0 billion ($161 billion) in 2022, marking its highest annual profits since being listed in the capital market. The stellar results were attributed to robust oil prices, significant product sales, and improved profit margins in the refined products sector.
Speaking at the Saudi Financial Market Forum, Al-Murshed revealed the company’s intention to issue bonds in the current year. Emphasizing a focus on medium-term to long-term bonds, ranging from 15 to 50 years, he outlined the strategic approach to diversify Aramco’s financial instruments.
Addressing inquiries regarding the potential sale of new shares, Al-Murshed reiterated that such a decision rests with the owner, but affirmed the company’s readiness to proceed if deemed necessary.
A few days prior, Saudi Aramco CEO Amin Nasser emphasized that the decision to sell additional Aramco shares in the current year lies with the shareholders. The remarks underscore the company’s commitment to aligning its financial strategies with the interests and directives of its stakeholders.
Investors and industry experts keenly await the upcoming financial results announcement on March 11, anticipating further insights into Saudi Aramco’s financial performance and strategic initiatives amid dynamic global market conditions.
