Saudi Aramco's Q3 Net Income Decline and Dividend Increase

Saudi Aramco's net income dropped 15%, yet it raised dividends to support Saudi Arabia's economic diversification.

### Saudi Aramco's Q3 Earnings: A Mixed Bag Amid Economic Diversification
* 📉 Saudi Aramco reported a **15% decline in net income** for the third quarter, totaling **$27.6 billion**, attributed to lower average oil prices that were **10% less than the previous year**.
* 💰 Despite the drop in earnings, the company, which is **over 97% owned by the Saudi government**, decided to **increase dividends**, leading to a shift into **net debt**.
* 🏗 Aramco plays a crucial role in generating income for Saudi Arabia, which relies heavily on the oil sector to fund its **ambitious economic diversification programs**, including **new cities and infrastructure projects**.
* 🌍 The Saudi Sovereign Wealth Fund is adjusting its international investment strategy, scaling back its global spending spree to focus more on **domestic economic initiatives**.
* 📊 This allocation shift reflects the fund's ambition to **channel more resources into the domestic economy** as it grapples with **declining oil revenues**.
* 🔄 The strategic refocus indicates a broader trend within the Kingdom to **strengthen its economy against fluctuations in the oil market** and ensure **sustainable growth**.

third quarter net income at Saudi Aramco fell 15% to $27.6 billion on average oil prices that were a tenth lower than the same period last year. However, the world's biggest oil company, which is more than 97% owned by the Saudi government and its public investment fund, increased dividends, moving into net debt to do so. The company is the key generator of income for the Kingdom of Saudi Arabia, which is dependent on oil Aramco to finance an ambitious program of investment to diversify the economy in new cities and other infrastructure. The country's Sovereign wealth fund is scaling back the share of its International Investment drawing aign under a multi-billion dollar Global spending spree as it refocuses on the domestic economy. The allocation shift is a sign of the pf's ambition to divert more of its Firepower towards a domes economy facing a decline in oil revenues.

Saudi Aramco lifts dividend despite profits fall | FT #shorts

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Financial Times

Saudi Aramco's net income fell 15% to $27.

Despite the decline, the company increased dividends and moved into net debt to do so.

The Saudi government's Sovereign wealth fund is scaling back international investments to focus more on the domestic economy, aiming to diversify and address the decline in oil revenues.