Saudi Arabian oil giant Saudi Aramco on Monday, August 7, reported a net profit of $30.1 billion in Q2 of fiscal 2023, and a net profit of $62 billion in 1H 2023. That, nevertheless, came slightly above consensus expectations near $29.8 billion in an Aramco-supplied poll. The biggest oil producer in the world also reported operating cash flow of $33.6 billion for the reporting period ended June 30, compared with $73.3 billion in the first half.

The company is following its industry peers by boosting dividend payouts despite the sharp fall in profitability. The oil giant reaffirmed its first-quarter base dividend of $19.5 billion, paid in the second quarter, and declared a Q2 dividend of $19.5 billion, payable in Q3 2023. Aramco plans to pay an earnings-related dividend over 6 quarters beginning in Q3 2023.

“We continue to demonstrate our long-standing ability to meet the needs of customers around the world with high levels of reliability. For our shareholders, we intend to start distributing our first performance-linked dividend in the third quarter,” Aramco President and CEO Amin H. Nasser said while commenting on the results.