Saudi Aramco maintains dividend despite lower net income in Q1

DUBAI: Saudi Arabia’s state-owned oil giant Aramco reported a 14.4% fall in first-quarter net profit on the back of lower oil prices and volumes sold.

Net profit declined to $27.3 billion for the three months to March 31, in line with the $27.6 billion expected by 12 analysts in a company-provided forecast.

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Aramco declared a base dividend of $20.3 billion for the first quarter.

It expects to pay out its fourth performance-linked dividend distribution of $10.8 billion in the second quarter.