Saudi Aramco’s first results disappoint
The world’s top oil producer reported first-half net income of $46.9 billion, down from $53.02 billion a year earlier.
The report showed a dip in pre-tax income due largely to lower oil prices
Stocks impacted: Saudi Arabian Oil Co. (SARCO)
Total revenues including other income related to sales were at $163.88 billion in the first half of this year, down from $167.68 billion a year earlier. This was mainly due to lower oil prices and reduced production. Pre-tax income at the company fell to $92.5 billion in the first half of 2019, down from $101.2 billion a year earlier. Revenue fell slightly to $146.9 billion from $148.8 billion in the first half of 2018. Saudi Aramco’s first publicly released financial results come as the firm works towards an initial public offering of its stock. Saudi Arabia has said it wants to list 5% of the company which, at the target value of $2 trillion valuation, would raise $100 billion.
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