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Saudi Arabian Oil Company (“Saudi Aramco” or the “Company”) announces recent developments relating to the performance-linked dividends
| Element List | Explanation |
|---|---|
| Introduction | Follow up to the Saudi Arabian Oil Company’s (“Saudi Aramco” or the “Company”) announcement on the Saudi Exchange’s website dated 20/01/1445H (corresponding to 07/08/2023G) that the performance-linked dividends (the 2022 and 2023 performance-linked dividends) are expected to be calculated based on 70% of the Saudi Aramco Group’s combined full-year free cash flow for 2022 and 2023, net of the base dividend and other amounts including external investments, and are intended to be distributed over six quarters commencing from the third quarter of 2023. |
| Previous Announcement | Saudi Arabian Oil Company (“Saudi Aramco” or the “Company”) announces recent developments relating to the performance-linked dividends |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-08-07 Corresponding to 1445-01-20 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The third distribution of the 2022 and 2023 performance-linked dividends has been approved by the Saudi Aramco Board of Directors (the “Board”), as per the Company’s dividends announcement on the Saudi Exchange today. The Company announces that the total 2022 and 2023 performance-linked dividends intended to be distributed during the financial year 2024, including the approved third performance-linked dividends announced today, are expected to amount to approximately SAR 161.70 billion ($43.12 billion). The Company expects that the remaining 2022 and 2023 performance-linked dividends will be distributed, if approved by the Board, in the second, third and fourth quarters of this year. Exact amounts and the eligibility dates for the remaining 2022 and 2023 performance-linked dividends will be announced, if and when declared at the Board’s sole discretion, after considering the Company’s financial position and ability to fund commitments including growth capital plans, and in accordance with the Company’s dividend distribution policy. |
| Reasons For The Delay on The Date of The Event Previously Announced | Not applicable. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable. |
| Delay consequences on the Company’s financial results | Not applicable. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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