of $31.9bn, which is a 19.25% decrease compared to the same period a year earlier when it made $39.5bn. This drop in profits can be attributed to global market developments, such as reduced oil prices and production cuts. Despite this, Aramco's overall profits remain staggering when compared to its peers.
For years, analysts have been closely examining Aramco's dividend policies and anticipating significant changes if necessary due to the financials of the Saudi government. As Aramco remains the primary source of revenue for the Saudi government's budget and investment projects, any additional dividends would be welcomed, particularly as weaker oil prices have already led to a deficit in the state budget.
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