Money pouring in: Aramco’s dividends have been growing at an annual rate of about 30%
Saudi Aramco confirmed it will pay out more than $124 billion in dividends this year as the oil giant warned the market was underestimating demand for oil.
Amin Nasser, chief executive of the world’s largest oil company, said: “We continue to be surprised by the growth in demand. It is robust. We see it in all markets despite what is happening in the energy transition.”
Aramco’s dividends have been growing at an annual pace of about 30 percent, putting it on track for a record annual payout of $124.2 billion.
Rival ExxonMobil has returned $32.4 billion to shareholders in dividends and buybacks through 2023.
The payments are a crucial source of revenue for the Saudi government, which controls more than 81 percent of the company, as it undertakes an overhaul of its economy.
Aramco’s financial results showed its net income for the three months to the end of June fell to $29 billion from $30 billion a year earlier.