Saudi oil giant Aramco maintained its generous dividend at $31.1 billion for the quarter

Aramco, formerly the Saudi Arabian Oil Co., reported $111.1 billion in revenue for the quarter in a filing on the Tadawul stock exchange in Riyadh. In the same quarter last year, its revenues totaled $113 billion. 

Last year's third quarter saw $32.5 billion in profits. 

Aramco stated that the impact of declining refining margins and lower crude oil prices was the primary cause of the profit decline. 

The first nine months of 2024 saw a decrease in profit from $94.5 billion to $83.9 billion. 

Recent days have seen a decline in oil prices as China's growth has slowed and Middle East tensions seem to have subsided somewhat. On Tuesday, benchmark Brent crude was trading at about $75 per barrel.

For the third quarter, Aramco will distribute $20.28 billion in dividends, along with a $10.77 billion performance-linked dividend, the firm announced. It has stated that it anticipates paying out a total dividend of more than $124 billion this year. 

Although a small portion of Aramco is involved in Tadawul commerce, the Saudi government owns the great bulk, which supports its spending and gives the Al Saud royal family income. Additionally, the business acts as a barometer for the world's oil sector. 

On Tuesday, Aramco's stock was trading at about $7.31 per share, down from its peak of almost $9 this year. Over the past year, it has decreased in tandem with the decline in oil prices.