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Saudi oil giant Aramco posts 25% fall in full-year profit
Saudi Arabia’s state oil giant Aramco reported a 25% decline in profit to $121.3 billion in 2023, down from $161.1 billion in 2022, and boosted its mega dividend payout despite “economic headwinds.” Aramco raised its base dividend for the fourth quarter by 4% to $20.3 billion dollars, and lifted its performance-linked dividend by 9% to $10.8 billion, resulting in a $31 billion dollar payday for the Saudi government and Aramco stakeholders. Despite the earnings decline, the result still represents Aramco’s second-highest net income on record, far outpacing the profitability of its largest global peers. “The ... (full story)