Oil giant Suadi Aramco reported on Tuesday a 15.4% slump in third-quarter profit due to lower crude prices and weaker refining margins but maintained its generous dividend at $31.1 billion for the quarter.

Aramco posted a net income of $27.6 billion in the three months to Sept. 30, which still beat a company-provided median estimate of $26.9 billion.

Citi had forecast a net income of $26.3 billion in a research note in October.

The dividend includes $10.8 billion in performance-linked payouts. Aramco introduced performance-linked dividends last year after bumper profits in 2022 when oil prices soared, on top of a base dividend that is paid regardless of results – uncommon among listed companies.

Aramco has said it expects to declare total dividends of $124.3 billion in 2024, of which $43.1 billion would be performance-linked dividends.

The Saudi government, which directly holds nearly 81.5% of Aramco, relies heavily on the company's payouts, including royalties and taxes. Its sovereign Public Investment Fund (PIF) has another 16% of Aramco and also benefits from its dividends.

The PIF, which manages roughly $925 billion in assets, is steering a sprawling economic agenda known as Vision 2030 to reduce the kingdom's reliance on oil. The plan has plowed vast sums into everything from sports and electric cars to planned futuristic desert cities.

Reuters has reported the PIF is weighing a reorganization that includes reprioritizing projects and reviewing some expenses after Finance Minister Mohammed Al Jadaan said earlier this year that Vision 2030 will be "adjusted as needed," with some projects scaled back or extended and others accelerated.

Saudi Arabia, de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), is pumping roughly 9 million barrels per day (bpd), about three-quarters of its capacity, after agreeing cuts with OPEC members and allies, including Russia.