Saudi Aramco's Q2 net profit slides on lower oil prices

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Hind Al Soulia - Riyadh - Last week, Sabic, the region’s biggest petrochemicals firm, reported its third consecutive quarterly loss on the back of lower selling prices

Aug 9, 2020

August 9, 2020

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Saudi Aramco reported a 73.4 per cent fall in second quarter net profit due to the impact of lower oil prices and declining refining and chemicals margins, amid the Covid-19 pandemic, which tipped the global economy into its deepest recession since the Great Depression, the company said.

Net profit for the second half dropped to 24.62 billion Saudi riyals from the year-earlier period, Aramco said in a regulatory filing on Sunday to the Tadawul exchange where its shares trade.

Total sales also dropped 57 per cent to 123.23bn riyals for the second quarter of the year.

“Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results," Aramco chief executive Amin Nasser said. "Yet we delivered solid earnings because of our low production costs, unique scale, agile workforce, and unrivalled financial and operational strength. This helped us deliver on our plan to maintain a second quarter dividend of $18.75bn to be paid in the third quarter."

Last week, Sabic, the region’s biggest petrochemicals firm, reported its third consecutive quarterly loss on the back of lower selling prices for its products and impairment provisions on certain assets. Saudi Aramco completed acquisition of a 70 per cent interest in Sabic in June.

The state-backed company acquired the stake worth $69.1bn from the sovereign Public Investment Fund. Sabic registered a net loss of 2.22bn Saudi riyals for the second quarter of 2020, compared with a profit of 2bn riyals for the same period last year.

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Updated: August 9, 2020 11:03 AM

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