Saudi Aramco unveils its 2023 financial report, showcasing a robust net income of $121.3 billion, the second-highest in its history. Amin Nasser, Aramco's President & CEO, underscores the company's resilience amid economic challenges, with a focus on shareholder value through a 30% dividend increase.
Aramco's strategic initiatives prioritize expanding gas production, liquids-to-chemicals business, and maintaining Maximum Sustainable Capacity at 12 million barrels per day. International LNG investments, retail expansion, and refining projects signal a strategic shift towards diversified energy solutions.
Financially, factors like lower crude prices and volumes impacted net income, offset by reduced production royalties and taxes. Free cash flow reached $101.2 billion, with a gearing ratio of -6.3% by 2023's end.
Aramco commits to substantial dividend payments of $97.8 billion in 2023, alongside capital investment plans of $48 to $58 billion in 2024. These investments align with Aramco's objectives of enhancing global energy supply reliability and sustainability.
