‘Robust’ demand sees oil large Saudi Aramco pay report dividends

Gushing money: Aramco’s dividends have been growing at an annual pace of roughly 30%

Saudi Aramco confirmed it will pay more than $124billion in dividends this year as the oil giant warned the market was underestimating the demand for oil.

Amin Nasser, chief executive of the world’s largest oil company, said: ‘We continue to be surprised on the upside in terms of demand. It’s robust. We see it from all markets in spite of what’s happening in the energy transition.’

Aramco’s dividends have been growing at an annual pace of roughly 30 per cent, putting it on track for a record annual payout of $124.2billion. 

Rival ExxonMobil returned $32.4billion to shareholders in dividends and buybacks for 2023.

The payouts are a crucial source of income for the Saudi government – which controls more than 81 per cent of the firm – 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 $29billion, down from $30billion a year earlier.