×
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Saudi Aramco Q3 profit slumps 44.6% as pandemic chokes demand

Dividends from the world's top oil-producing company play a critical role in helping the Saudi government manage its fiscal deficit
Last Updated : 03 November 2020, 08:44 IST
Last Updated : 03 November 2020, 08:44 IST

Follow Us :

Comments

Saudi Arabian state oil group Aramco on Tuesday reported a 44.6% 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 44.21 billion riyals ($11.79 billion) for the quarter ended Sept. 30 from 79.84 billion riyals last year.

Analysts had expected a net profit of 44.6 billion riyals 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.

ADVERTISEMENT
Published 03 November 2020, 08:44 IST

Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks

Follow us on :

Follow Us

ADVERTISEMENT
ADVERTISEMENT