ALBAWABA - Saudi Aramco's profits in the third quarter of 2023 declined by approximately 23% to reach 122.2 billion Saudi Riyals, compared to 159.1 billion Saudi Riyals in the corresponding quarter of the previous year.
In addition, third-quarter sales for the current year decreased by 22% to 424.1 billion Saudi Riyals, compared to sales of 543.7 billion Saudi Riyals.
The company stated in a release that the decline in net income was primarily due to the impact of lower crude oil prices, reduced quantities sold, and a partial decrease in the royalty on crude oil production, primarily driven by a decrease in the actual average royalty rate and reduced crude oil prices and quantities sold, along with a decrease in income taxes and zakat (Islamic alms).
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Furthermore, Saudi Aramco announced the distribution of core dividends to shareholders for the third quarter of 2023, with a total distributed amount of 110.18 billion Saudi Riyals, distributed in two parts:
Core Dividend Distributions: 73.16 billion Saudi Riyals
Performance-Linked Dividend Distributions: 37.02 billion Saudi Riyals
The eligible share count is approximately 242 billion shares, with a rights date of November 14, 2023.
