Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand

In this news, we discuss the Saudi Aramco third-quarter profit slumps 44.6% as pandemic chokes demand.

DUBAI (Reuters) – Saudi state oil group Aramco 2222.SE on Tuesday reported a 44.6% drop in third-quarter net profit, according to analysts’ estimates, marred by lower crude oil prices and volumes sold as the coronavirus crisis stifled demand.

Weaker refining and chemicals margins also affected 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. billion riyals last year.

Analysts expected third quarter net profit of 44.6 billion riyals, according to the three analysts’ average estimate, provided by Refinitiv.

“We saw early signs of recovery in the third quarter due to improving economic activity, despite headwinds facing global energy markets,” said Amin Nasser, CEO of Saudi Aramco.

The company has announced that it will pay out 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.

Dividends from the world’s largest oil producer play a vital role in helping the Saudi government manage its budget deficit.

(1 USD = 3.7502 riyals)

Reporting by Hadeel Al Sayegh and Rania El Gamal; Edited by Kim Coghill and Sherry Jacob-Phillips

Original © Thomson Reuters

Originally posted 2020-11-03 10:46:09.

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