In 2024, Aramco reported a net profit of $106.2 billion, down from $121.3 billion in 2023.

The company highlighted that the decrease was driven by reduced revenue and higher operating costs, despite some offset from lower income taxes.

Aramco experienced record profits in 2022 due to soaring energy prices following the invasion of Ukraine. However, profits fell by 25% in 2023.

To support oil prices, Aramco cut production by 500,000 barrels per day in April 2023, followed by an additional cut of one million barrels per day in June 2023.

The company has also extended such production cuts in collaboration with other OPEC+ nations.

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The dividends for 2024 included approximately $43.1 billion in performance-linked payments, a new mechanism introduced to incentivize performance.

The performance-linked dividends for the first quarter of 2025 are expected to drop significantly to $200 million, a stark contrast to the nearly $10.8 billion declared for each quarter in 2024.