DUBAI: Ƶn state oil group Aramco on Tuesday reported a 44.6 percent drop in third-quarter net profit, in line with analysts’ estimates, dented by lower crude oil prices and volumes sold as the coronavirus crisis choked demand.
Weaker refining and chemicals margins have also hit the company’s net profit, which fell to $11.79 billion for the quarter ended Sept. 30 from $21.29 billion riyals last year.
Analysts had expected a net profit of $11.89 billion in the third quarter, according to the mean estimate from three analysts, provided by Refinitiv.
“We saw early signs of a recovery in the third quarter due to improved economic activity, despite the headwinds facing global energy markets,” Saudi Aramco Chief Executive Officer Amin Nasser said in a statement.
The company said it would distribute a dividend of $18.75 billion for the third quarter of this year, in line with its plan to pay a base dividend of $75 billion for 2020.
Saudi Aramco Q3 profit slumps 44.6% as coronavirus pandemic chokes demand
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Updated 03 November 2020
Saudi Aramco Q3 profit slumps 44.6% as coronavirus pandemic chokes demand
- Weaker refining and chemicals margins have also hit the company’s net profit
- Company said it would distribute a dividend of $18.75 billion for the third quarter of this year
