Aramco Shares

Saudi Aramco Posts Strong Quarterly Results, Boosts Dividend

Key Points:

Saudi Aramco, the world's largest oil producer, reported strong second-quarter earnings that met expectations.

The company's net income was $31.1 billion, a slight increase from the same period last year.

Saudi Aramco announced a quarterly dividend of $0.31 per share, a 4% increase from the previous quarter.

Saudi Aramco's shares rose in trading following the earnings announcement, which beat analyst estimates. The company's strong financial performance is driven by high oil prices and increased production.

Saudi Aramco is the world's second-largest holder of proven crude oil reserves, with over 270 billion barrels. The company's daily oil production is the largest among all oil-producing companies.

The company's quarterly dividend is a key source of income for the Saudi Arabian government, which owns 98% of Aramco. The dividend increase is a sign of confidence in the company's financial health and its ability to generate cash flow.