5 key takeaways from Aramco’s latest financial results

The world’s largest oil exporter, Saudi Aramco, released its latest quarterly results on Sunday, reporting a net profit of $26.01bn for the first three months of 2025.

The figure marks a 4.6 per cent drop from the same period last year, largely due to lower oil prices and higher operating costs.

Despite the decline, earnings beat analyst forecasts for the quarter ending March 2025.

Aramco announced total dividends of $21.36bn for the period, including a base dividend of $21.1bn (marking an increase of 4.2 per cent year-on-year) and a performance-linked dividend of $219m. A 15.8 per cent fall in free cash flow to $19.2bn prompted a sharp cut to the performance-linked component.

“Global trade dynamics affected energy markets in the first quarter of 2025, with economic uncertainty impacting oil prices,” said Aramco president and CEO Amin H. Nasser.

“In this context, Aramco’s robust financial performance once again demonstrated the company’s unique scale, its reliability and flexibility, the value of its low-cost operations, and its emphasis on efficiency and advanced technology.”

Listed below are five important things to know about Aramco’s Q1 2025 results:

1. Profits dip, but still beat forecasts
Aramco reported net income of $26.01bn, down 4.6 per cent year-on-year. While profit softened, the result surpassed the analyst consensus of $25.36bn, underlining the firm’s strength amid volatile markets.

2. Dividends remain strong, despite payout adjustment
Aramco maintained generous shareholder returns, declaring $21.36bn in total dividends. The base dividend rose by 4.2 per cent, while the performance-linked portion dropped significantly in line with lower free cash flow.

3. Capex rises to drive strategic expansion
The company increased capital expenditure to $12.5bn, up 15.9 per cent year-on-year. Investments included a 25 per cent stake in Unioil Petroleum in the Philippines and a 50 per cent acquisition in Blue Hydrogen Industrial Gases Company.

4. Focus sharpens on low-carbon energy
Aramco advanced its sustainability strategy with the launch of a Direct Air Capture (DAC) pilot plant for CO₂ removal. It also continued to scale its blue hydrogen business, reinforcing its commitment to cleaner energy solutions.

5. Cash flow stays strong despite market pressure
The firm generated $31.7bn in operating cash flow and $19.2bn in free cash flow. Although both figures declined year-on-year, they still reflect Aramco’s operational discipline and ability to weather challenging conditions.