Saudi Aramco's profit plunges, sees signs of oil market recovery
DUBAI – State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter.
Aramco, which listed in Riyadh last year in a record $29.4 billion flotation, said the rapid spread of COVID-19 globally had significantly reduced demand for crude oil, natural gas and petroleum products. “As countries ease the lockdown, we expect the demand to increase.” Nasser said Aramco was committed to its 2020 dividend. “We intend to pay the $75 billion, subject to board approval and market conditions,” he said. The group’s dividends play a critical role in helping the Saudi government to manage its fiscal deficit.
Analysts had expected net profit of 31.3 billion riyals, according to the mean estimate from three analysts, provided by Refinitiv. Aramco said it will pay a dividend of $18.75 billion for the second quarter of this year, in line with plans for a $75 billion dividend for 2020.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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