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10.08.2020

Saudi Aramco’s quarterly profit plunges over 70%

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The oil producer maintained its second-quarter dividend of $18.75 billion

Stocks impacted: Saudi Aramco (2222)

A slump in energy demand and prices due to the coronavirus crisis caused a plunge in Saudi Aramco’s profit by 73% in the second quarter. The company said it posted a net profit of $6.6 billion for the three months to June 30, compared to $24.7 billion in the same period of 2019. The oil giant also reported a 50% fall in net income for the first half of its financial year. The company’s net income declined to $23.2 billion, down by half from $46.9 billion over the first six months in 2019. The giant maintained its second-quarter dividend of $18.75 billion, saying it will be paid in the third quarter. Despite a dismal report, Saudi Aramco’s stocks refrained from a decline and traded marginally higher on Monday.

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