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Saudi Aramco’s profits dipped last quarter after the world’s largest oil producer sold less crude and its refining margins weakened.
The state-owned company said on Tuesday that net income for the three months to the end of June fell to $29bn, down from $30bn in the same period a year earlier.
Saudi Aramco said it would pay a quarterly dividend of $31bn, putting it on track to make an annual payout of $124.2bn. The payout is a key source of revenue for the Saudi government.
The quarterly results come after the government in June sold about $12bn of shares in Saudi Aramco in an effort to broaden the company’s investor base.