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Aramco reports 3.4% dip in Q2 profit on lower crude volumes

Investing.com -- Energy giant Aramco (TADAWUL:2222) reported a 3.4% decline in its second-quarter net income on Tuesday on lower crude volumes. 

The company reported a net income of 109.01 billion Saudi Riyals in the three months ended June 30, down from 112.8 billion a year earlier.

Despite the profit dip, Aramco declared a strong dividend of $31.1 billion, including a $10.8 billion performance-linked payout. 

The company expects total dividends of $124.2 billion for 2024.

Beyond financial results, Aramco accelerated gas expansion plans, awarded contracts worth over $25 billion, and aims to boost gas production by 60% by 2030. 

The company also expanded its global footprint with investments in Pakistan and advanced its technological capabilities through a partnership on quantum computing.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.