Saudi Aramco, the world’s largest integrated energy company, has posted another set of strong financial results for the second quarter (Q2) and first half (H1) of 2025, underscoring its resilience amid a complex global economic and geopolitical environment.
For the three months ending 30 June 2025, Aramco recorded adjusted net income of $24.5 billion, bringing its half-year earnings to $50.9 billion.
Cash flow from operating activities stood at $27.5 billion in Q2 and $59.3 billion in H1, while free cash flow reached $15.2 billion (Q2) and $34.4 billion (H1). The company’s gearing ratio, which measures debt levels, rose slightly to 6.5% as of June 30, 2025, compared to 5.3% at the end of March.
The Board of Directors declared a Q2 base dividend of $21.1 billion, along with a performance-linked dividend of $0.2 billion, scheduled for payment in the third quarter.
Aramco maintained its strong track record of operational consistency, reporting 100% supply reliability in the first half of 2025. This reflects the company’s ability to meet customer demand worldwide despite ongoing global uncertainty.
Key upstream projects are also advancing steadily. Incremental crude oil developments at Berri, Marjan, and Zuluffields remain on schedule, while progress at the Jafurah Gas Plant continues as planned. Additionally, phase one of the Dammam development project has been brought online, further strengthening Saudi Arabia’s production capacity.
In downstream operations, Aramco expanded its global retail presence with the introduction of premium fuel lines in Chile and Pakistan, signaling momentum in its international strategy.
On the sustainability front, the company signed power purchase agreements to develop new renewable energy projects, leveraging the Kingdom’s vast solar and wind resources to diversify its energy portfolio.
Aramco’s financial strength was reinforced by a highly successful $5 billion bond issuance, which drew strong global demand. The oversubscription highlights investor confidence in Aramco’s robust balance sheet, operational resilience, and long-term strategy.
Commenting on the results, Aramco President & CEO, Amin H. Nasser said the company continues to demonstrate strength across both financial and operational metrics.
“Despite geopolitical headwinds, we continued to supply energy with exceptional reliability to our customers, both domestically and around the world,” he said.
He added that the company is also investing heavily in new energies and digital innovation, including artificial intelligence (AI), to build future-ready capabilities.
With oil demand projected to remain strong in the second half of 2025, Aramco is well positioned to capitalize on market fundamentals. The company’s stable dividend policy, combined with ongoing investments in upstream, downstream, renewables, and digital transformation, signals confidence in its ability to deliver value to shareholders and customers alike.
As geopolitical tensions and economic uncertainties continue to shape global markets, Aramco’s results demonstrate the enduring importance of energy security, financial discipline, and strategic diversification.
Shahriena Shukri is a journalist covering business and economic news in Malaysia, providing insights on market trends, corporate developments, and financial policies. More about Shahriena Shukri.
