Saudi Aramco’s Profit Declines 73% in Q2

Saudi Aramco’s Profit Declines 73% in Q2

The major Saudi oil company, Aramco reported that its profit declined by 73% to 24.6 billion riyals in the second quarter of 2020 compared to 92.6 billion during the same period of the previous year  , due to the drop of energy demand and prices caused by coronavirus outbreak, according to Reuters.

However, the company will continue in its plan of paying $75 billion in dividends this year as global oil demand was recovering. Low profits issue was confronted by all major oil companies during Q2 due to lockdowns which reduced oil consumption and pushed prices to its lowest level in two decades.

CEO of Amraco, Amin Nasser, told reporters that he had seen a partial recovery in the energy market as the economies gradually open after the easing of coronavirus lockdowns. “We intend to pay the $75 billion, subject to board approval and market conditions,” he said.


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