Despite the decline in profits, Saudi Aramco raises dividends by 4% in 2023. Aramco increased its dividends for last year despite the decline of profits to $121.25 billion, but it is the second highest profits achieved by the company after $161 billion achieved in 2022.
The decline in the profits of the company, whose shares are majority owned by the Saudi state, comes against the backdrop of a decline in crude oil prices, quantities sold, and prices of refined and chemical products. Saudi oil export revenues last year amounted to $248 billion.