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DUBAI, Reuters Saudi Arabia39;s stateowned oil giant Aramco boosted its dividend despite net profit falling 24.7 to 121.3 billion in 2023 on lower oil prices and volumes, showing the state39;s continued reliance on oil revenue as it seeks to diversify.

The profit, down from 161.1 billion in 2022, was still the company39;s secondhighest on record, Aramco said on Sunday as it reported total dividends for the year of 97.8 billion, up 30. Oil revenues made up 62 of total state revenues last year.

The Saudi government, which directly holds about 82.2 of Aramco, relies heavily on the oil giant39;s generous payouts, which also include royalties and taxes. The world39;s top oil exporter is spending billions of dollars trying to diversify its economy and find alternative sources of wealth having relied on oil for decades.

Our balance sheet remains strong, even after our significant growth programme and dividend payouts, Chief Executive Amin Nasser said.

Nasser expects global oil demand for 2024 at 104 million barrels a day, up from an average of 102.4 million barrels in 2023.

The state39;s ambitious economic agenda, known as Vision 2030, is spearheaded by the sovereign Public Investment Fund, which owns 16 of Aramco, after a fresh transfer by the government of 8 to companies PIF owns last week.

Aramco declared a base dividend, paid…