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Bond Market News
Saudi Aramco Reports Weak Q2 Results
August 6, 2025
Saudi Aramco reported tenth consecutive quarterly profit decline with Q2 net income down 19% YoY to SAR 85.63bn ($22.8bn), its lowest in four years. The drop was driven by low oil prices which outweighed increased production. Its free cash flow fell 20% to $15.2bn with net debt rising to $30.8bn, up from $24.7bn in 1Q2025. The company’s dividend payout for the quarter was at $21.36bn, same as the prior quarter but reduced from $31bn a year ago. Aramco plans to remain active in debt markets mainly to diversify its funding sources, with capital guidance remaining at $52–58bn for the year. The company has been raising oil output in recent months as part of a plan by the OPEC countries and its allies. Analysts noted concern over Aramco’s use of debt to fund base dividends, but views the risk of dividend cuts as low given the company’s strong balance sheet and ability to adjust capex during market downturns.
Its dollar bonds traded stable with its 5.375% 2035s at 102.4, yielding 5.06%.
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