RIYADH — Saudi Aramco’s Chief Financial Officer Ziad Al-Murshed announced on Monday that there will be a significant increase in its dividends.

The official’s revelation came at a time when Aramco is scheduled to announce its financial results for the year 2023 on March 11. The oil giant had recorded a record net income of SR604.0 billion ($161 billion) in 2022, which represents its highest annual profits as a company listed in the capital market. These results, according to the company, were supported by strong oil prices, large quantities of products sold, and improved profit margins for refined products.

Addressing the Saudi Financial Market Forum, Al-Murshed said that the state-owned company is likely to issue bonds this year. “The company will give priority to medium-term to long-term bonds, ranging from 15 years to 50 years,” he said.

In response to a question about the possibility of selling new shares, the senior Aramco official reiterated that the decision is in the hands of the owner, but the company is always ready to do so.”

Saudi Aramco CEO Amin Nasser said a few days ago that the decision to sell more Aramco shares during the current year belongs to shareholders.

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