Aramco announced today its results for the second quarter and first half of 2024, during which it performed strongly and its long-term growth strategy progressed. According to Aramco, its net income amounted to SAR109.0 billion in the second quarter, and SAR211.3 billion in the first half of this year. Cash flow from operating activities was SAR116.6 billion in the second quarter and SAR242.6 billion in the first half, while free cash flow reached SAR71.1 billion in the second quarter and SAR156.4 billion in the first half. The gearing ratio stood at 0.5% by of June 30, 2024, compared to 6.3% as by December 31, 2023. Aramco indicated that it will pay a base dividend of SAR76.1 billion for the second quarter of 2024 and a performance-linked dividend of SAR40.4 billion in the third quarter. The company expects to declare industry-leading total dividends of SAR465.9 billion in 2024. Aramco reported that the secondary public offering of its shares and the issuance of SAR22.5 billion in bonds received strong d emand from investors worldwide. The company is moving forward with its strategic gas expansion, announcing contract awards worth more than SAR93.8 billion, targeting over 60% growth in sales gas production by 2030 compared to 2021 levels. The company has also agreed to acquire a 10% equity interest in HORSE Powertrain Limited, the global powertrain solutions company established by Renault Group and Geely. Aramco has also achieved global retail expansion through the successful acquisition of a 40% equity stake in Gas and Oil Pakistan Limited, in addition to signing an agreement with Pasqal to use the first quantum computer in the Kingdom. Aramco President and CEO Amin H. Nasser said the company has continued to deliver strong financial performance with robust earnings and cash flows in the first half of the year. This has enabled it to provide a sustainable and progressive base dividend and a performance-linked dividend that grows with the increasing number of shareholders. Nasser added that Aramco has al so continued to create and deliver both value and growth, as evidenced by the positive investor response to the government's secondary public offering of Aramco shares and the $6 billion bond issuance. He emphasized that the company's drive to create value is supported by its long-term competitive advantages, exceptional financial resilience through cycles, and strong balance sheet. He also said that building on these strengths, Aramco made significant progress in key strategic areas during the second quarter, including advancing its gas strategy, expanding its new energy portfolio, partnering with leading car manufacturers on low-emission vehicle technologies, and growing its global retail network. He added that the company continues to explore new opportunities to enhance its portfolio and capabilities to enable a secure and more sustainable energy future. Source: Saudi Press Agency