Saudi Aramco has maintained substantial dividend payouts to shareholders, affirming its commitment to rewarding investors even during turbulent times and despite a decline in global oil prices.
The state-owned oil giant announced a net income of SAR 85.02 billion (USD 22.67 billion) for the second quarter of 2025, marking a 22% drop compared to the same period last year.
However, the company will still distribute a total of SAR 80.11 billion (USD 21.36 billion) in dividends, comprising base dividends of USD 21.14 billion and performance-linked payouts of USD 220 million.
Aramco attributed the earnings dip to lower average oil prices and ongoing global economic uncertainty. According to its disclosure to the Saudi stock exchange (Tadawul), the company’s revenue for Q2 stood at SAR 378.8 billion (USD 101.02 billion), down from SAR 426.4 billion (USD 113.52 billion) in the same quarter of 2024.
The average price of Brent crude was USD 20 lower per barrel compared to the previous year, underscoring the impact of market volatility.
These results reinforce Aramco’s operational resilience and strategic discipline. CEO Amin Nasser emphasized the company’s strong performance and consistent shareholder returns, noting Aramco’s ability to allocate capital efficiently and stay the course on long-term investment plans.
He predicted global oil demand to increase by more than 2 million barrels per day in the second half of 2025.
“Our long-term strategy reflects our confidence in the continued central role of hydrocarbons in global energy and chemicals markets,” Nasser underlined.
Aramco’s strong cash flow continues to benefit the Saudi government, which is expected to receive around USD 17.41 billion in dividend payments for the quarter.
The International Monetary Fund (IMF), in a recent statement, suggested that despite ongoing oil price pressure, Saudi Arabia does not require additional fiscal adjustments in 2025. IMF mission chief Amine Mati said the projected 4% budget deficit is “entirely appropriate,” given the country’s robust foreign reserves.
Aramco’s debt levels remain among the lowest in the industry. The company reported a leverage ratio of 5.5% in the first half of 2025, significantly below the 19.4% average among global oil majors.
Aramco Executive Vice President and CFO Ziad Al-Murshed told Asharq TV that pre-dividend free cash flow reached USD 15.2 billion in Q2, reinforcing the company’s solid financial position.
He noted Aramco’s return on equity over the past 12 months stood at 18.7%, nearly double the industry average.
Still, Aramco’s shares dipped 0.3% following the earnings announcement, closing at SAR 23.84. Saudi Arabia’s broader market, however, posted a modest gain.
Financial advisor Mohammed Al-Maimouni told Asharq Al-Awsat that Aramco’s earnings per share (EPS), excluding exceptional items, came in at SAR 0.7482, down from SAR 0.8663 in Q2 2024.
He also pointed to a slight decline in shareholders’ equity, which stood at SAR 1.483 trillion at mid-2025, down from SAR 1.508 trillion a year earlier.
