Saudi Aramco’s profits dipped in the last quarter after the world’s largest oil producer sold less crude and its refining margins weakened.
Despite the drop in profits, Saudi Aramco said it would keep its quarterly dividend of $31bn, putting it on track to make an annual payout of $124.2bn.
That would mark an almost 30 per cent increase on 2023, when it lifted its payout by 30 per cent after the group reported its second-highest annual profits.
The company’s dividends are an important source of revenue for the Saudi government that, along with the country’s sovereign wealth fund, owns 97 per cent of company.
The kingdom wants to use the proceeds from its fossil fuel assets to fund megaprojects, including the world’s tallest skyscraper.