Saudi Aramco’s net profits surpassed analyst expectations as it revealed the impact of deeper production cuts this summer after the kingdom moved to prop up the oil price.
The state-run company, which pumps almost 10 per cent of world oil supplies, reported a net profit of $32.6bn for the three months to September 30, exceeding the median forecast of $31.8bn by analysts.
Saudi Aramco said it would maintain its quarterly base dividend payment at $19.5bn in the fourth quarter with a second performance-linked dividend of $9.9bn to be paid based on returns since 2022 in a boost to the state’s funds.
In the first nine months of the year, dividends have totalled $68.4bn compared with $56.3bn in the same period last year.
The Saudi government owns more than 90 per cent of Aramco’s shares with another 8 per cent held by the kingdom’s sovereign wealth fund, but a sliver of equity was listed in Riyadh in 2019.
Its market capitalisation is $2.16tn, making it the world’s third-largest company behind only Apple and Microsoft.