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Page added on August 9, 2020

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Saudi Aramco keeps dividend despite profit drop of 73%

Business

Net profit at Saudi Aramco (ARMCO) slumped 73% to 24.6B riyals ($6.57B) in the second quarter (vs. estimates of 31.3B riyals), as a plunge in energy demand – due to the coronavirus crisis – weighed on sales of the world’s biggest oil producer.

The majority state-owned company still maintained its Q2 dividend of $18.75B, unlike BP and Royal Dutch Shell, which cut their dividends in recent months. Aramco capex for 2020 is expected to be at the lower end of a $25B-$30B range.

“We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies,” CEO Amin Nasser said in a statement, as shares rose 0.3% in Riyadh.

“Aramco figures are healthy compared to other global peers,” added Mazen al-Sudairi, head of research at Al Rajhi Capital. “This was the worst quarter in the modern history of oil industry, and surviving it with healthy figures points to a very positive outlook.”

The results also come a week after Aramco, which listed in Riyadh last year in a record $29.4B flotation, relinquished its title as the world’s largest listed company by market cap to Apple.

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56 Comments on "Saudi Aramco keeps dividend despite profit drop of 73%"

  1. zero juan on Mon, 10th Aug 2020 8:50 am 

    Oh dear, juanPPee drug out Boney joe and gregT yesterday and now the dumbass Truth Shall Set you Free. I guess he is having imagination block. He is such a dumb fuck school drop out it is understandable. I see he has a suxes comment on the moderated side. Pure dishonest juanPee there too.

    The Truth Shall Set You Free said Just to underscore Davy’s dishonest and disg…

    The Truth Shall Set You Free said “You (Davy) are the US’ biggest hypocrite, b…

  2. a po hartful converstion story on Mon, 10th Aug 2020 9:25 am 

    this is what supertard said

    Abraham van Helsing on Sun, 9th Aug 2020 12:22 am
    Thank (((supremetard))) for Brexit.
    Thank (((supremetard))) for Russia winning in Syria.
    Thank (((supremetard))) for a quick recovery of China and its rapid militarization.
    Thank (((supremetard))) for US white nationalism.

    Eurasia-Anglosphere.
    South China Sea.

    On This Day…
    Aug 10, 2019: Simbulongo, Mozambique
    Civilians are burned alive by muzzies in southern Africa: 3 Killed

  3. Duncan Idaho on Mon, 10th Aug 2020 9:40 am 

    How did Americans become such Wimps?
    https://zcomm.org/znetarticle/how-did-americans-become-such-wimps/
    ( “Rugged individualism works best when we obey.”)

  4. ansel reaper muzzie in boston longs for the day of jihad terrorism on Mon, 10th Aug 2020 9:46 am 

    this stuff used to belong to allahland in the middle east a few decades ago

    “The jihad of yourself comes by means of truth, and we have to start here, and I’m not negating… I already started the khutbah by telling you about the jihad with the weapons. You’re never gonna get there, and we’ll never get there, and there’ll never be that again, unless we change what is in ourselves, unless you control yourself”

  5. zero juan on Mon, 10th Aug 2020 10:20 am 

    what planet is stupid from? This is not creative or humorous. It is just stupid and dumb like juanPPee:

    ansel reaper muzzie in boston longs for the day of jihad terrorism said this stuff used to belong to allahland in the midd…

    When you commiserate with scoundrels, you wake-up with fleas said “Ronald Reagan Presidential Foundation &…

    a po hartful converstion story said this is what supertard said Abraham van Helsing on…

  6. Rik on Fri, 14th Aug 2020 2:56 pm 

    Saudi Arabia should invest in mining to modernise its economy.

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