Oil giant Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend

Saudi Aramco reported a 15.4% drop in net profit in the third quarter due to lower crude oil prices and weakening refining margins. Despite this, the company maintained a 31.05 billion dividend. The decline in profit was attributed to lower global oil prices, weaker demand, and OPEC+ production cuts. The company’s earnings before Interest and Taxes (EBIT) came in at $51.45 billion, down 17% year-on-year. The revenues will benefit the Saudi economy, which is undergoing diversification under Crown Prince Mohammed bin Salman’s Vision 2030 scheme. Overall, Aramco remains resilient in the face of a challenging oil market environment.