Aramco has reported a 12.4% decline in net income in its fiscal year results of 2024, reaching 398.4 billion riyals ($106.25 billion), from 454.8 billion riyals ($121 billion) recorded in 2023 due to lower realized crude oil prices and sales revenues.

“The decrease was primarily driven by lower revenue and other income related to sales, higher operating costs, as well as lower finance and other income. This was partially offset by lower income taxes and zakat,” Aramco said in a stock exchange filing.

Aramco’s board of directors announced a dividend for the fourth quarter of 2024 worth 79.3 billion riyals ($21.1 billion), which will be paid in the first quarter of this year, an increase of 4.2% year-on-year. The company expects total dividends of $85.4 billion to be declared in 2025.

Aramco’s board announced base dividend of 79.3 billion riyals ($21.1 billion) for the fourth quarter of 2024, to be paid in the first quarter of 2025. This is a 4.2% increase compared to the same period last year, according to Bloomberg.

Commenting on the results, Aramco President & CEO Amin H. Nasser said: “Our strong net income and increased base dividend illustrate Aramco’s exceptional resilience and ability to leverage its unique scale, low cost, and high levels of reliability to deliver industry-leading performance for our shareholders and customers.”