The global economic slowdown pushed Saudi Aramco’s net income for the second quarter down to $6.57bn, from $24.7bn in the same period last year.
A general view shows the Saudi Aramco oil facility in Dammam city, 450 kms east of the Saudi capital Riyadh. (Photo: AFP)
Saudi Arabia’s state-controlled oil producer said it will continue to fund the world’s largest shareholder dividend distribution of $18.75 billion for shareholders, including the kingdom which relies on the oil business for income, heavily despite crashing profit and a surge in debt.
The global economic slowdown pushed Saudi Aramco’s net income for the second quarter down to $6.57bn, from $24.7bn in the same period last year and $16.6bn in the first quarter the current year.
This dividend, up from 13.4 billion dollars for the same period of 2019, is paid despite global economic disruption and challenges facing the energy sector, Xinhua news agency quoted a company statement as saying on Sunday.
Advertisement
Highlighting Aramco’s financial and operational resilience amid the COVID-19 pandemic, Amin H. Nasser, president and CEO of the Saudi company, said Aramco will continue to pursue long-term growth and diversification strategy to capture unachieved and additional value from “every produced hydrocarbon molecule”.
Aramco also achieved its highest single-day crude oil production of 12.1 million barrels on April 2, the company said.
The Saudi health ministry announced on Sunday the registration of 1,428 new coronavirus cases, raising the accumulated number in the kingdom to 288,690.
In addition, the recoveries increased to 252,039 after the registration of 1,599 new recovered cases, while the death toll rose to 3,167 with 37 new fatalities in the past 24 hours.
Advertisement
