Aramco reports $29.1bn net profit in Q2, up 6.59%

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Operating cash flow amounted to $31.1 billion for the second quarter and $64.7 billion for the first half.  Shutterstock
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Updated 06 August 2024
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Aramco reports $29.1bn net profit in Q2, up 6.59%

  • For the first half of the year, the company’s net income reached $56.3 billion
  • Aramco expects to declare total dividends of $124.2 billion for 2024

RIYADH: Saudi oil giant Aramco reported a net profit of $29.1 billion for the second quarter of 2024, reflecting a 6.59 percent quarter-on-quarter increase, despite challenging market conditions. 

For the first half of the year, the company’s net income reached $56.3 billion. Operating cash flow amounted to $64.7 billion in the six months to the end of June, with $31.1 billion of that coming in the second quarter of 2024. 

During a press conference following the results, Amin Nasser, Aramco’s president and CEO, said: “We remain positive about the outlook for global oil demand. Despite concerns about an economic downturn, global oil demand has been resilient, and in the first half of this year, demand saw record growth.” 

The company reported SR828.74 billion in revenue for the first half of the year, registering a 0.9 percent increase from SR804.8 billion in the same period of 2023, driven by higher crude oil and refined product prices, as well as higher volumes of refined and chemical products sold. 

He added: “As you have seen from our results today (Aug. 6), Aramco has once again delivered market-leading performance with strong earnings and cash flow in the first half of the year. On the financial side, we continue to maintain one of the most robust balance sheets in our industry.” 

Aramco has declared a base dividend of $20.3 billion for the second quarter and a performance-linked dividend of $10.8 billion, which will be paid in the next three months. 

The company expects to declare total dividends of $124.2 billion for 2024, highlighting its strong financial position. 

In June, as part of the secondary public offering, Aramco acquired 137.6 million ordinary shares from the government for a cash payment of $1 billion. 

The company’s secondary public offering and $6 billion bond issuance attracted significant investor interest. The firm also advanced its gas expansion with over $25 billion in new contracts, aiming for a 60 percent increase in sales gas production by 2030. 

“We have also continued to create and deliver both value and growth, as demonstrated by the positive investor response to the Government’s secondary public offering of Aramco shares and our recent $6 billion bond issuance. Our drive to create value is supported by our distinctive long-term competitive advantages, our exceptional financial resilience through cycles, and our strong balance sheet,” he added. 

In response to Arab News’ question about refined and chemical products, Nasser said that Aramco is set to witness much more robust growth.

“In the first half, we saw significant growth, but we are expecting even more growth, especially in jet fuel in China. We are looking at almost 20 percent growth in jet fuel,” he added. 

Aramco’s CEO explained that jet fuel and kerosene production was 7.2 million barrels per day in 2023, with a projection to increase to 7.7 million bpd in 2024.

Nasser continued: “We are also seeing strong growth in gasoline and a lot of the feedstock going into petrochemicals. This growth is supported by our investments in China, where they are putting much feedstock into liquid-to-chemical processes.” 

The CEO said despite global supply and demand imbalances and geopolitical tensions the market is largely overlooking these issues, and he expects a healthy outlook for the rest of the year. 

Nasser added that total demand in China for the second half of the year is projected to be around 17.5 million bpd, up from 16.8 million bpd in the first half of 2023, driven by jet fuel and the liquid-to-chemical sector. 

The state-owned oil giant reported total revenues of $113.52 billion in the second quarter of the year, compared to $107.35 billion for the same period in 2023. 

For the three months to the end of June, free cash flow decreased compared to the same quarter in 2023. This decline was mainly due to lower operating cash flows from reduced earnings and unfavorable changes in working capital. 

However, this was partially offset by a reduction in cash payments for income, zakat, and other taxes. 

Regarding the downstream sector, Aramco’s Chief Financial Officer, Ziad Al-Murshed, explained that the negative earnings before interest and taxes results were mainly due to inventory revaluation, not actual losses. 

He added a reduction in refining margins, especially in Asia, though margins in the US are still healthy. While chemical margins have improved slightly, they remain weak. 

Al-Murshed said that Aramco’s focus on converting liquid molecules into chemicals remains strong, particularly in China due to its market size and expansion opportunities. 

Nasser also highlighted key strategic developments, noting that the first phase of Jafurah is scheduled for 2025, the second phase for 2027, and a full ramp-up to 2 billion cubic feet of sales gas by 2030. 

He said: “The importance, as you know, of Jafurah is not only the gas. What you need to consider also is the ethane that we are anticipating will be coming out of Jafurah. This is an important feedstock for the chemical industry. Jafurah alone, with this increment, will bring almost more than 40 percent of what we have today in ethane, which is crucial for our chemical growth in the Kingdom.” 

Nasser also noted that significant progress was made in key strategic areas during the second quarter, building on these strengths.

The state oil firm acquired a 10 percent stake in HORSE Powertrain Limited and a 40 percent interest in Gas & Oil Pakistan Ltd. It also partnered with Pasqal to install Saudi Arabia’s first quantum computer. 


Saudi Arabia’s AI imperative: seizing the agentic enterprise to fulfill Vision 2030 goals

Updated 11 January 2026
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Saudi Arabia’s AI imperative: seizing the agentic enterprise to fulfill Vision 2030 goals

  • Workers who use AI daily are 64% more productive and 81% more satisfied with their jobs

RIYADH: As Saudi Arabia advances its ambitious Vision 2030, a transformative shift in the global workplace underscores a critical opportunity for the Kingdom’s organizations.

Slack’s latest Workforce Index survey revealed an unprecedented surge in the adoption and impact of artificial intelligence, presenting a clear pathway for Saudi businesses to lead in the era of digital labor, drive economic diversification, and create high-value roles for the future workforce.
“Saudi Arabia has all the ingredients to lead this shift: a young population, a government willing to modernize at extraordinary speed and industries preparing for global competition,” Mohammad Al-Khotani, the senior vice president and general manager of Salesforce Middle East told Arab News.

From adoption to advantage
The evidence that AI is a decisive competitive advantage is now overwhelming. Slack’s research, which surveyed 5,000 global desk workers, found that daily AI usage has soared by 233 percent in just six months.
Workers who use AI daily are 64 percent more productive and 81 percent more satisfied with their jobs than their non-AI-using colleagues. This trend is even more pronounced in specific markets; in the UK, daily AI users report an 82 percent increase in productivity and a 106 percent boost in job satisfaction.
According to the report, this surge is fundamentally reshaping work. The data confirms that trust grows with use: workers who use AI agents daily are twice as likely to trust them in areas like data protection and accuracy. 
Furthermore, AI is enabling workers to expand their capabilities strategically. Some 96 percent of AI users have leveraged the technology to perform tasks they previously lacked the skills to do.
Workers are now 154 percent more likely to use AI agents to perform tasks better and more creatively, not merely to automate them. The top productivity boosts come from eliminating extensive research, assisting with communication, and overcoming creative blocks.
Given this, Al-Khotani emphasized the macroeconomic imperative for Saudi organizations to lead, not follow. 
“Saudi Arabia is one of the few countries where the public sector has already set a global benchmark for digital service delivery. This creates a macroeconomic condition in which private-sector organizations must now match the pace set by the state,” he said. 
He further noted that “the scale of Saudi Arabia’s transformation, megaprojects, tourism growth, manufacturing build-out and new digital sectors, requires the productivity lift that only digital labor and AI agents can provide. Organizations that adopt early will move faster, earn citizen trust and gain market share.”
This perspective is echoed by Mohamad El-Charif, founder of the Middle East’s first sovereign regulatory compliance platform, Qadi.
“When we talk about digital labor in Saudi Arabia, we have to acknowledge that legal and regulatory AI is not optional. If we wait and come in as fast followers, we’ll end up running our core legal and regulatory workloads elsewhere, governed, and updated elsewhere,” he explained to Arab News. 
He argued that early adoption creates a lasting advantage: “Moving early with governed, sovereign agents, lets Saudi organizations encode their own local laws, internal policies, escalation paths and audit trails into the infrastructure.”
He added: “Under Vision 2030, leading Saudi banks, insurers, telcos, and energy companies are not just serving the domestic market; they’re becoming global players. If they build their regulatory backbone early and on their own terms, they don’t just stay in bounds at home, but they also carry that infrastructure with them as they expand.”

From automation to the agentic enterprise
This ground-level adoption aligns with a strategic corporate pivot identified in the 2025 MuleSoft Connectivity Benchmark Report, produced in collaboration with Deloitte.
The report highlighted that generative AI has reshaped human-AI interaction, and the next frontier is the rise of the “agentic enterprise.” This model involves autonomous AI agents that can operate with unprecedented independence, responding to queries, managing sophisticated tasks, and optimizing workflows without continuous human intervention.
The report found that 93 percent of IT leaders intend to introduce such autonomous agents within two years, with 40 percent having already done so and another 41 percent planning deployment within the next year.
This shift is accelerating rapidly; the average number of AI models in use has already doubled from 2024 projections, and IT leaders predict a further 78 percent increase over the next three years.
Salesforce Middle East’s Al-Khotani elaborated on this strategic potential, stating: “AI agents offer a multiplier effect across sectors that Vision 2030 prioritizes. This same efficiency can shift the economics of different industries.”
He added: “Legacy sectors can automate routine compliance, scheduling, documentation, onboarding and case resolution. Public services can move from reactive to proactive, anticipating citizen needs and completing tasks autonomously.”
Qadi’s El-Charif described this as turning “compliance from a blockage into an API,” accelerating Vision 2030’s ambitions. 
“For a thriving economy, the biggest gift you can give businesses is predictable, low-friction compliance,” he said, adding: “When you encode local laws, regulations and internal policies into agents, those checks move inside the workflow. Approvals can happen in days, not months, without lowering standards.”
However, this potential is gated by integration. Some 95 percent of IT leaders cite integration challenges as the primary hurdle to effective AI implementation. 
Organizations use an average of 897 applications, with 46 percent using over 1,000, yet integration levels have stagnated.

Opportunity for the Kingdom
For Saudi organizations, moving early to adopt and integrate AI is no longer optional, but a strategic necessity to lead in digital labor and deliver on Vision 2030’s goals of a vibrant society, a thriving economy, and an ambitious nation.
First, deploying AI in ways that deliver positive outcomes for both business and employees is key. The Slack Index showed that AI enhances human connection, not replaces it.
Daily AI users are 246 percent more likely to feel more connected to colleagues and report a 62 percent higher sense of belonging. This counters fears of displacement, showing AI can augment teamwork and culture.
Al-Khotani stressed the principles for positive deployment, noting: “AI must be introduced as augmentation, not substitution. When people understand that agents are handling low-value tasks, while humans focus on creativity, judgment and customer relationships, acceptance is extremely high.” 
He added that Salesforce data shows 84 percent of AI users say the technology makes them enjoy their job more, largely because it reduces repetitive work.
El-Charif advocated for a practical Outcome-Workflow-Governance framework to achieve this symbiosis, saying: “We design agents to take over that ‘read, retrieve, reconcile’ loop. 
“This doesn’t replace humans, but it elevates them out of the infrastructural gridlock.” 
He added: “That, for me, brings a real opportunity of using agentic AI to remove the glue work that exhausts people, and free up talent to focus on strategy, relationships and judgment, which is exactly what Vision 2030 is asking our institutions to excel at.”
Agentic AI can directly accelerate Vision 2030 ambitions. As noted by Goldman Sachs Research, generative AI can streamline business workflows, automate routine tasks and give rise to a new generation of business applications.
For Saudi Arabia, this means modernizing legacy sectors, improving efficiency in health care and financial services, and supercharging nascent industries. 
The MuleSoft report confirmed that APIs and API-related implementations now account for 40 percent of company revenue on average, up from 25 percent in 2018, demonstrating the tangible economic value of a connected, AI-ready infrastructure.
El-Charif also highlighted the societal dimension, stating: “For a vibrant society, this technology drives transparency and trust. When rules are encoded into agents, their application becomes consistent and audit-ready. This builds confidence in the market and investors know that compliance isn’t subjective, but structural.”
Finally, this transition will create high-value roles for humans. The integration challenge itself is a source of future jobs. The MuleSoft report found that developers spend an estimated 39 percent of their time building custom integrations, and IT staffing budgets are expected to rise by 61.5 percent year-over-year to meet AI demand.
Al-Khotani foresees specific new roles emerging from the AI integration challenge, saying: “Salesforce’s research shows that organizations adopting AI expect their data and integration teams to grow nearly 50 percent over the next three years.” 
He went on explaining that this opens pathways for new roles such as AI integration architects, agent workflow designers, and responsible AI officers and digital trust specialists.
El-Charif identified the emergence of roles such as “Legal Engineer,” — someone who understands both the regulation and how to encode it into logic.
Furthermore, as AI handles routine tasks, workers are freed for more strategic, creative, and innovative work, precisely the skills needed for a knowledge-based economy. 
Al-Khotani envisioned this shift elevating Saudi Arabia’s broader economic structure: “As agents take on routine and administrative tasks, Saudi Arabia’s workforce will shift toward higher-value roles that emphasize creativity, human judgment, and strategic decision-making.”
He added that this shift increases productivity per capita, a core Vision 2030 outcome, because the workforce is no longer limited by the volume of manual work it can process. “The macroeconomic structure becomes more innovation-driven and less labor-intensive.”
Global AI adoption is accelerating, worker productivity and satisfaction are skyrocketing with its use, and the next wave of enterprise value lies in agentic AI.
For Saudi Arabia, the mandate is to build the robust, integrated digital foundations today that will allow its organizations and workforce to not just participate in this future, but to lead it, turning the promise of Vision 2030 into an intelligent, automated, and human-centric reality. 
As Al-Khotani concluded: “The future economy will not reward automation alone, it will reward nations that use AI to elevate human potential. Saudi Arabia is positioned to be one of them.”