BAKU, Azerbaijan, May 13. Saudi Aramco reported a decrease in net income and cash flow from operating activities in 1Q2024 compared to the same period last year, Trend reports.
According to the company's financial statement, Saudi Aramco's net income for 1Q2024 stood at $27.3 billion, down 14.4 percent from $31.9 billion year-on-year. Similarly, cash flow from operating activities dropped 15.1 percent to $33.6 billion in the reporting period of 2024, compared to $39.6 billion in 1Q2023.
Aramco attributed these declines to fluctuations in market prices and volumes sold of hydrocarbons, as well as refined and chemical products. The company emphasized that its results of operations and cash flows are primarily driven by these market dynamics.
During the first quarter, Saudi Aramco distributed dividends to its shareholders. The company paid a 2023 fourth-quarter base dividend of $20.3 billion, reflecting a 4-percent increase from the previous quarter.
Additionally, it distributed the third performance-linked dividend of $10.8 billion, marking a 9-percent rise from the previous quarter. These dividend payments totaled $31.1 billion, leading to a decrease in cash and cash equivalents and a corresponding reduction in shareholders' equity in the consolidated balance sheet and statement of changes in equity.