Saudi Gazette reportDHAHRAN

— Saudi Aramco reported on Sunday a net income of $26.0 billion for the first quarter of 2025, compared to $27.3 billion in the same period last year, as global economic uncertainty and energy market conditions affected crude oil prices and volumes sold.

The company declared a base dividend of $21.1 billion for the first quarter, a 4.2% increase year-on-year, in addition to a performance-linked dividend of $0.2 billion. Both will be paid in the second quarter of 2025.

Operating cash flow for the quarter was $31.7 billion, while free cash flow stood at $19.2 billion, down from $22.8 billion in the same quarter of 2024. Capital expenditures were $12.5 billion, reflecting Aramco’s ongoing investment in long-term strategic growth.

Aramco President and CEO Amin Nasser said that the company will continue to invest in its core business and new energies while maintaining a strong balance sheet.

In the first quarter, Aramco signed definitive agreements to acquire a 25% stake in Unioil Petroleum Philippines to enhance downstream operations in Asia. It also completed the acquisition of a 50% interest in Blue Hydrogen Industrial Gases Company, aimed at supporting its low-carbon hydrogen ambitions.

Aramco commenced a pilot project for CO₂ Direct Air Capture technology during the quarter and also welcomed the announcement by the Ministry of Energy of new oil and gas discoveries, which further reinforce its upstream potential.

As of March 31, 2025, the company’s gearing ratio stood at 5.3%, up from 4.5% at the end of 2024. Return on average capital employed was 19.9%, underscoring capital efficiency and profitability.