Saudi Aramco raises dividends despite falling profits.

Its profits plummeted 25% to $121 billion (£91 billion) following a record-breaking year in 2022.

However, the sum remains the second-highest profit ever for the state-backed corporation.

The company said it was increasing dividend payments to shareholders and searching for possibilities to invest in China.

Dividends will rise to $98 billion, nearly a third higher than in 2022, when it earned a record $161 billion in profit because to the impact Russia’s war in Ukraine had on energy prices. In 2022, oil prices reached $130 per barrel.

The Saudi government owns roughly 95% of the corporation, hence the abundant earnings resulted in a budget.