The world’s largest oil company, Saudi Aramco (Saudi Aramco), released its financial report on the morning of the 3rd local time
showing that the company’s net profit for the third quarter of 2020 was SAR 44.21 billion about 11 billion USD.
Compared with the same period last year, it decreased by 44.6%. The financial report showed that the main reason for the decline in profit
was the decline in crude oil prices, sales decline and the decline in profit margins of refining and chemical products caused by the pandemic.
So far, Saudi Aramco’s net profit in the first nine months of this year was 35.02 billion U.S. dollars, which was the same as last year.
The ratio dropped by more than 48%.
Saudi Aramco is the world’s largest oil company. Despite the serious decline in profits
the company promised in its latest financial report that it will continue to implement the
dividend plan formulated when it went public at the end of last year.
As the market had anticipated the decline in the company’s profits, Saudi Aramco
did not experience significant fluctuations in the capital market on the 3rd, and even rose after a small decline.
As of press time, the stock price rose by about 1.02% to 34.65 Saudi Riyals per share.
