Saudi Aramco Beats Estimates on Fourth-Quarter Profit, Keeps Dividends Flowing as Iran War Threatens Oil Exports
Saudi Aramco, the world's largest oil producer, reported a fourth-quarter profit that beat estimates, despite the ongoing Iran war threatening oil exports. The company's profit rose to $111.1 billion, up from $48.6 billion in the same period last year.
The company's revenue increased by 35% to $275.9 billion, driven by higher oil prices and increased production. Saudi Aramco's dividend payout for the quarter was $85 billion, which is in line with its previous guidance.
The Iran war has been a major concern for the oil market, with prices surging in recent weeks. However, Saudi Aramco's results suggest that the company is well-positioned to weather the storm. The company's CEO, Amin H. Nasser, said in a statement that Saudi Aramco is committed to maintaining its dividend payout despite the uncertainty in the oil market.
The company's results were welcomed by investors, with its stock price rising by 2.5% in early trading. Saudi Aramco's performance is a positive sign for the oil market, which has been under pressure due to the Iran war.