Saudi Aramco gets shareholders' nod to increase capital to $20bn

RIYADH: Saudi Aramco shareholders approved the company’s capital increase to SR75 billion ($20 billion) from SR60 billion.

The oil giant will issue bonus shares to capitalize SR15 billion from its retained earnings, according to a bourse filing.

Aramco seeks to maximize total shareholder return through the distribution of sustainable and progressive dividends, underlying growth in free cash flow and investing in available strategic opportunities to create long-term value, it said in a statement.

The company also beat analyst forecasts with a $40 billion profit, its highest quarterly since listing in 2019, as its profit has surged 82 percent.